10/06/05 Canadian numbers negative for wheat

Marketline October 6, 2005 Wheat futures were steady to lower Wednesday. The funds weren't buying and Ryan Kilbrandtz at the Minneapolis Grain Exchange says new wheat production numbers from Stats Canada weighed on the market. Kilbrandtz: "Total spring wheat production equaled 18.149 million metric tons. That's up from July's 17.836 and slightly below last year's 18.451." Chicago also got pressure from Egypt purchasing 55-thousand tons of U.S. hard red winter wheat and no soft red. Egypt also purchased 60-tons each from France and Russia. Traders also note that Argentina is offering wheat well below U.S. prices and Australia will begin its harvest next month adding to export competition. On Wednesday December Chicago wheat was down 2 1/4 cents at 3-45. December corn down a penny at 2-04 3/4. Portland cash white wheat steady to a penny lower at mostly 3-64. Club wheat 3-99. PNW HRW 11.5 percent protein lower at 4-63. Dark northern spring 14% protein unchanged to lower at 5-25. Export barley 104 dollars a ton. Cattle futures were lower Wednesday as the market pulled back on profit taking on ideas futures were overbought. But market analysts say there is still strong fundamental support from ideas that Japan is moving to lift its ban on U.S. beef. Dec live cattle down 40 cents at 91-05. Nov feeders down 55 at 115-88. Nov Class III milk up two cents at 13-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.