09/06/05 PNW wheat the Gulf woes

09/06/05 PNW wheat the Gulf woes

Marketline September 6, 2005 As traders return from their holiday today they will be checking on the latest news regarding shipping out of the Port of New Orleans. The disruption of exports there was a factor in last week's market action. U.S. Wheat Associates says only 22 percent of U.S. wheat exports move through the disrupted Louisiana ports, mostly soft red winter wheat. Soft red competes with soft white and Mike Kruger of M-K Commodities near Portland says the PNW could benefit from prolonged problems in the Gulf. Kruger: "It sure helps us anywhere in the Pacific. Parts of South America. We sure may benefit. We have a freight advantage to the Pacific anyway and now we are even cheaper than them aside from that mess. Wheat futures were lower Friday getting spillover pressure from private crop production estimates for corn and soybeans and concerns about the Gulf. December Chicago wheat was down 2 ½ cents at 3-20. December corn down a nickel at 2-17 1/4. Portland cash white wheat was mixed at mostly 3-38. Club wheat 3-46. PNW HRW 11.5 percent protein lower at 4-21. Dark northern spring 14% protein lower at 4-82. Export barley 105 dollars a ton. Cattle futures were higher Friday in a late short covering rally though contracts were lower on the week. Fed cattle sold a dollar lower. Many traders will be focusing on retail beef clearance over the holiday weekend. Oct live cattle up 15 cents at 81-20. Oct feeders up 70 at 108-58. Oct Class III milk down eight cents at 14-28. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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