12/02/05 Wheat futures close higher again

Wheat futures closed higher on Thursday. Weak export sales of only 8.4 million bushels, a new low for the marketing year, weighed on futures in early trading. However, the market found strong buying interest on the setback and turned higher by mid morning. Analyst Brian Hoops says Kansas City March was 3 1/2 cents higher, Minneapolis March ended 3 1/2 cents higher and onThursday Chicago March wheat was up 1 ¼ to 3.22. HOOPS "Minneapolis and Kansas City both had zero deliveries and that gave us some strength. There's some rumors that Iraq may be in for some more wheat in December after buying 200 thousand metric tons this week. That was supportive to prices and we did see a little follow through buying in the wheat as well. Corn futures posted small gains on Thursday. March corn gained .02, closing at 2.03 ¾. Portland cash white 3.43 Club White 3.88 Pacific Northwest HRW 11.5 percent protein up .02, 4.60. Dark Northern Spring 14 percent protein mostly 5.20. Live cattle futures were higher on Thursday. The market made another round of contract highs as cash cattle prices ratcheted strongly higher. Boxed beef cutout values have remained stalled this week. February live cattle up 1.17, at 96.90. January feeders 117.65 up .75. January Class III milk at Chicago 12.80, up .02.