10/14/05 Wheat futures mixed; cattle higher

Marketline October 14, 2005 USDA issues the weekly export sales report this morning. A day late this week because of a holiday Monday. Wheat futures were mixed Thursday though Minneapolis spring wheat contracts posted gains. Profit taking was cited as a factor with fundamental support continuing from USDA's friendly numbers issued Wednesday on supply and demand particularly for hard red wheats. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says news out of the E.U. was bearish. Chiodo: "The E.U. offered up export licenses on 423-thousand metric tons with a subsidy of 9 Euros a ton. So that will kind of stem the tide here as far as U.S. ability to compete on the world market here." Lack of news about a potential million ton sale of U.S. wheat to Iraq also weighed the market. On Thursday December Chicago wheat was down four cents at 3-43 ½. December corn down 2 1/4 at 2-03 ½. Portland cash white wheat steady at mostly 3-63. Club wheat 4-08. PNW HRW 11.5 percent protein unchanged at 4-71. Dark northern spring 14% protein lower at 5-32. Export barley 104 dollars a ton. Cattle futures were higher Thursday with renewed buying interest pushing contracts to new highs on strong technical buying. Higher cash fed cattle in Nebraska offered fundamental support. Dec live cattle up 75 cents at 91-95. Nov feeders up 105 at 117-88. Nov Class III milk unchanged at 13-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.