11/17/05 Bird flu news affects markets

Wheat futures were lower on Wednesday. The market was pressured by news that Egypt bought Australian and French wheat and none from the US. A steep decline in soybeans and weakness corn also provided spillover pressure. Mark Chatta at the Minneapolis Grain Exchange says it was talk of human bird flu deaths in China that affected the markets too. CHATTA "That spooked Chicago little a bit. We drove to new lows on the floor, put beans down another nickel or so and corn made new lows again. Wheat having been fairly well sold or oversold the past few days didn't seem to affect that too much." On Wednesday Chicago December wheat was off ¼ to 3.06 ¾. Corn futures ended lower on Wednesday. December corn lost .03 to 1.92 ¾. Portland cash white down .02 to 3.45. Club White down .02 to 3.90 Pacific Northwest HRW 11.5 percent protein down .03 at 4.54. Dark Northern Spring 14 percent protein down .02 at 5.23. Export barley 100 /ton Live cattle futures were steady to higher on the close Wednesday. Sharply higher boxed beef prices are lending fundamental market support, but the cash market remained quiet. Futures ended slightly higher. December live cattle unchanged at 91.70. January feeders 114.53 up .15. December Class III milk at Chicago down .07 to 12.90.