09/12/05 USDA report today

Marketline September 12, 2005 Traders will digest USDA's monthly crop production and supply and demand reports this morning. Numbers for corn and soybeans will reflect drought and possible hurricane damage while little change is expected for wheat. Wheat futures were higher again Friday. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says the weekly export sales report from USDA at over 854-thousand tons, was bullish. Chiodo: "The wheat number was quite a bit higher than expectations. I think they gave us pretty good support during the day. We crossed some technical territory and the market was pretty well supported. And there was a little bit of short covering coming into the report here. They were mostly on the short side." On Friday December Chicago wheat was up 2 1/4 at 3-25 3/4. December corn down 1/4 at 2-16. Portland cash white wheat one to two cents higher at mostly 3-40. Club wheat 3-52. PNW HRW 11.5 percent protein higher at 4-31. Dark northern spring 14% protein higher at 4-87. Export barley 105 dollars a ton. Cattle futures were sharply higher Friday wrapping up a week that saw futures at their highest levels since June. Fed cattle sold Friday up three dollars at 84 to 84-50 and reports that better than expected beef movement spurred optimism that seasonal price strength has begun. Oct live cattle up 138 at 84-83. Oct feeders up 103 at 113-18. Oct Class III milk up 11 cents at 14-45. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.