10/07/05 Tariff coming off Canadian wheat

10/07/05 Tariff coming off Canadian wheat

Marketline October 7, 2005 Wheat futures traded lower most of Thursday but rebounded late in the session to close unchanged to higher. Ryan Kilbrandtz at the Minneapolis Grain Exchange says there was pressure early in the session from news the U.S. International Trade Commission found that U.S. producers have not been injured by subsidized Canadian hard red spring wheat imports sold in the United States. In October of 2003 the ITC had found injury. As for the weekly export sales report; Kilbrandtz: "Export sales were seen as neutral and late fund buying supported prices. Export sales totaled 475,500 metric tons, down 20% from last week and 33% below the four week average. Year-to-date export sales are running a little bit ahead of last year." On Thursday December Chicago wheat was up a quarter cent at 3-45 1/4. December corn down a ½ at 2-04 1/4. Portland cash white wheat steady to a penny lower at mostly 3-64. Club wheat 3-99. PNW HRW 11.5 percent protein higher at 4-67. Dark northern spring 14% protein up a penny at 5-26. Export barley 104 dollars a ton. A slight decline in boxed beef values during the day and lack of cash market action prompted some profit taking and live cattle futures were lower Thursday. Feeder contracts however hit new highs helped by lower feed grains. Dec live cattle down 28 cents at 90-78. Nov feeders up 40 at 116-28. Nov Class III milk down three cents at 13-44. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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