10/20/05 Egypt buys some U.S. white wheat

Marketline October 20, 2005 Wheat futures closed lower Wednesday. Joe Vidora at the Chicago Board of Trade says traders were apparently disappointed that more U.S. wheat wasn't purchased by Egypt in a tender Tuesday night. Egypt did buy 60-thousand tons of U.S. soft white wheat, but also: Vidora: "They bought 120-thousand from France and then they bought 60 from Australia. So maybe there was a little disappointment in there although we thought it might be greeted as a little supportive but certainly it hasn't been." Forecasts for moisture in the southern Plains wheat belt and some rain in the dry Ukraine were also viewed as negative. Traders also see an ample Australian wheat crop about to be harvested. On Wednesday December Chicago wheat was down a penny at 3-27 3/4. December corn down a quarter cent at 2-10 3/4. Portland cash white wheat steady at mostly 3-62. Club wheat was higher at mostly 4-12. PNW HRW 11.5 percent protein lower at 4-57. Dark northern spring 14% protein lower at 5-04. Export barley a steady 104 dollars a ton. Cattle futures were higher Wednesday. The market surged to new contract highs though closed well of them. News reports that Japan might lift its ban on U.S. beef in mid-November attracted renewed speculative buying interest. Dec live cattle up 47 cents at 90-43. Nov feeders up 58 at 116-18. Nov Class III milk up seven cents at 13-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.