10/17/05 Live cattle futures down sharply

10/17/05 Live cattle futures down sharply

Live cattle futures were sharply lower on Friday. Technical selling snowballed after December futures dipped below technical support. December fell $2.37 to close at $89.57. February was 2.05 lower at $91.70. November feeders lower by 2.10 to close the week at 115.78. Wheat futures were lower on Friday. Disappointing weekly export sales sparked early selling pressure. Chicago December wheat closed 4 1/2 cents lower at $3.39. Kansas City December was down 7 1/4 cents. Minneapolis December was 6 1/2 cents lower. Disappointing weekly U.S. wheat export sales, at 393,700 metric tons, weighed on U.S. futures from the opening bell. U.S. wheat export sales for the week ended Oct. 6 were at the low end of wheat traders` estimates, 25% below the previous week and 42% under the prior four-week average December corn unchanged at 2.03 ½. Portland cash white 3.63 Club White 4.08 Pacific Northwest HRW 11.5 percent protein 4.65 Dark Northern Spring 14 percent protein mostly 5.25 Export barley 100-104 /ton November Class III milk at Chicago down .20 at 13.78.
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