10/28/05 Poor exports but wheat futures higher

Marketline October 28, 2005 Wheat futures were higher Thursday. Seasonally slow cash movement and what is yet unconfirmed Iraqi busy provided support despite a disappointing weekly export sales report of only 15.9 million bushels. Brian Hoops of Midwest Market Solutions has the marketing year-to-date totals for U.S. wheat exports. Hoops: "We've exported 546 million bushels for the marketing year. That is down 49 million from last year's pace which wasn't all that great. Jordan is seeking 100-thousand hard wheat and with the basis improving five cents traders took the Kansas City-Chicago spread out to new contract highs. We still don't have confirmation of the Iraqi purchase but we are factoring in the price levels accordingly in anyway." On Thursday December Chicago wheat was up a penny at 3-24 ½. December corn down a ½ at 1-97 3/4. Portland cash white wheat steady at mostly 3-61. Club wheat mostly 4-06. PNW HRW 11.5 percent protein higher at 4-67. Dark northern spring 14% protein higher at 5-18. Export barley 104 dollars a ton. A bi-partisan group of 21 U.S. Senators has introduced legislation to impose tariffs on imported Japanese products if Japan doesn't resume imports of U.S. beef by December 15th. Concern about Japanese and lower cash prices had cattle futures closing mixed Thursday. Dec live cattle down 18 cents at 90-35. Nov feeders up 25 at 114-25. Nov Class III milk down seven cents at 13-67. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.