09/28/05 Wheat futures mixed

Marketline September 28, 2005 Wheat futures closed mixed Tuesday but mostly lower. Minneapolis showed the best strength given expectations for reduced production in this Friday's Small Grain Summary from USDA. There was pressure on wheat from soybeans and corn with corn hitting a contract low for the second straight day amidst harvest pressure. Joe Victor of Allendale says the wheat market has turned technical. Victor: "This trade is becoming more technical in nature and a little bit less on fundamentals. Now as far as the planting pace. Doing real well on the winter wheat planting." USDA reported Monday that 39 percent of the U.S. winter wheat crop had been planted, three percent above the five-year average for this time. Dry conditions have held up some planting in the Pacific Northwest but Idaho and Oregon are slightly ahead of average. In Washington however winter wheat seeding at 52 percent complete is nine points behind the five-year average pace. On Tuesday December Chicago wheat was down 2 1/4 cents at 3-27. December corn down 1 1/4 at 2-03 1/4. Portland cash white wheat steady at mostly 3-54. Club wheat 3-79. PNW HRW 11.5 percent protein lower at 4-55. Dark northern spring 14% protein lower at 5-16. Export barley 104 dollars a ton. Once again there were many more new contract highs for cattle futures Tuesday. The funds continued to buy. There are expectations for seasonally higher prices into fall. Packer margins meanwhile are in the red. Dec live cattle up 20 cents at 89-08. Nov feeders up 38 at 113-75. Nov Class III milk up a nickel at 13-65. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.