09/30/05 Grain trade gets some USDA numbers

09/30/05 Grain trade gets some USDA numbers

Marketline September 30, 2005 Wheat futures closed higher Thursday on pre-positioning ahead of this morning's USDA grain stocks and small grains summary reports as well as month end short covering. Joe Victor of Allendale says the trade is expecting bullish numbers for wheat and this could be a buy the rumor sell the fact situation where profits are taken after the report is in. The weekly export sales report from USDA yesterday at just over 591-thousand tons for wheat was neutral but Victor says it was good news. Victor: "With that kind of export sales pace we are able to go ahead and reduce the amount needed of wheat sold on a per week basis in order to meet USDA's projected target for export sales of 975 million." Iraq was the major buyer in the weekly export sales report at nearly 256 -thousand tons. On Thursday December Chicago wheat was up 4 3/4 cents at 3-33 ½. December corn up 1/4 cent at 2-03 ½. Portland cash white wheat steady to a penny higher at mostly 3-54. Club wheat 3-79. PNW HRW 11.5 percent protein unchanged to higher at 4-60. Dark northern spring 14% protein mixed at 5-24. Export barley 104 dollars a ton. Live cattle futures surged to new highs Thursday. Both fundamental and technical factors were supportive. Boxed beef movement Wednesday at 829 loads was believed to be the highest daily volume on record. Dec live cattle up 133 at 90-05. Nov feeders up 90 at 114-68. Nov Class III milk down six cents at 13-52. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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