09/23/05 Export news helps wheat futures

09/23/05 Export news helps wheat futures

Marketline September 23, 2005 Wheat futures posted solid gains Thursday. Positive export news helped the market shrug off concerns that Hurricane Rita will disrupt export shipments. Iraq purchased 250-thousand tons of U.S. hard red winter wheat which an Iraqi official said was in addition to the previously agreed to 600-thousand tons of U.S. wheat for delivery by year-end. Brain Hoops of Midwest Market Solutions says USDA's weekly export sales report also came in above expectations and traders are starting to factor in next Friday's USDA Small Grains Summary. Hoops: "Traders are starting to look for around a 40 million bushel decline in the spring wheat production from the last report. All wheat would down about 53 million bushels from the last report at 2.114. So we are looking for smaller stocks to work with." On Thursday December Chicago wheat was up 7 cents at 3-32 1/4. December corn up 1 3/4 at 2-08 1/4. Portland cash white wheat one to two cents higher at mostly 3-50. The club premium moved up to 25 cents with Club wheat at 3-75. PNW HRW 11.5 percent protein higher at 4-54. Dark northern spring 14% protein higher at 5-18. Export barley 104 dollars a ton. Cattle futures were also solidly higher Thursday on ideas the cash trade this week will be at least steady. Traders are also expecting a bullish Cattle on Feed Report from USDA this afternoon. Oct live cattle up 60 cents at 86-25. Oct feeders up 1-25 at 113-83. Oct Class III milk down a nickel at 14-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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