10/05/05 Optimism on Japan boosts cattle futures

10/05/05 Optimism on Japan boosts cattle futures

Marketline October 5, 2005 Cattle futures hit new contract highs across the board Tuesday in part due to trader optimism about getting U.S. beef back into Japan by the end of the year. A panel of Japan's Food Safety Commission has drafted a report concluding U.S. beef from cattle under 21 months of age would be safe. While futures traders might be optimistic, Jay Truitt, Vice President of Government Affairs for the National Cattlemen's Beef Association, is skeptical. Truitt: "We've seen on several occasions through this process that our hopes have been falsely raised. I have run out of patience. So until we actually see something move, I'll believe it when I see it." At any rate Dec live cattle were up 123 at 91-45. Nov feeders up 103 at 116-43. Nov Class III milk down 12 cents at 13-45. Wheat futures were slightly lower Tuesday. There was little news for wheat and bearish private forecasts for corn and soybeans brought spillover pressure to wheat. Still analysts said wheat futures held up well with continuing support from last week's positive USDA reports. The market views winter wheat planting as progressing well. On Tuesday December Chicago wheat was down 1 ½ cents at 3-47 1/4. December corn down three at 2-05 3/4. Portland cash white wheat steady to a penny higher at mostly 3-64. Club wheat 3-99. PNW HRW 11.5 percent protein lower at 4-69. Dark northern spring 14% protein lower at 5-25. Export barley 104 dollars a ton. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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