09/29/05 Wheat futures higher

09/29/05 Wheat futures higher

Marketline September 29, 2005 It could be a day of consolidation of positions in wheat futures trading today as the market awaits tomorrow's quarterly grain stocks and small grains summary reports from USDA. Wheat futures closed higher Wednesday with short covering cited as a factor and Joe Victor of Allendale says expectations for a reduced spring wheat production figure from USDA was also helpful. Victor: "Discussion that is taking place not only at the Minneapolis Grain Exchange but throughout the wheat industry is that the fusarium or the head scab, that was being found in the crop during harvest, that scab may have had a bigger toll on production than what earlier estimates had suggested." A bit of fundamental news that has offered wheat support this week was an estimate that next year's Ukrainian winter wheat production could drop 45% because of drought. On Wednesday December Chicago wheat was up 1 3/4 cents at 3-28 3/4. December corn unchanged at 2-03 1/4. Portland cash white wheat steady at 3-54. Club wheat 3-79. PNW HRW 11.5 percent protein up a penny at 4-58. Dark northern spring 14% protein up two cents at 5-23. Export barley 104 dollars a ton. Cattle futures were mixed Wednesday. Profit taking was cited. There was a light cash fed cattle trade in the Plains at 86 to 87 dollars. Dec live cattle down 35 cents at 88-72. Nov feeders up three at 113-78. Nov Class III milk down seven cents at 13-58. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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