12/08/05 Canadian & Egyptian news bad for wheat

Marketline December 8, 2005 Wheat futures closed lower Wednesday. Joe Victor of Allendale Incorporated says one negative was the Stats Canada report which increased wheat production by over two million metric tons from a September estimate. Victor: "Coming in at 26 million 775 thousand tons. That 26.775, that is more than 3/4 of a million more than the high end of the range of the trade estimates going in to this report." That Canadian report also showed canola production up 25% from last year, barley production down just over five percent, lentil production is up nearly 33 percent, with dry pea production down just over seven percent. Also negative for wheat Wednesday were reports that Egypt bought 85-thousand tons of wheat from Russia and none from the U.S. Tomorrow morning USDA issues updated supply and demand numbers. On Wednesday March Chicago wheat was down 2 ½ cents at 3-13 1/4. March corn down 3 1/4 at 2-01. Portland cash white wheat two to three cents lower at mostly 3-41. Club wheat lower at 3-86. PNW HRW 11.5 percent protein lower at 4-50. Dark northern spring 14% protein down a penny at 5-10. No Portland barley bids. Despite reports of cash fed cattle selling a dollar lower than last week, cattle futures were higher Wednesday with several contracts putting in new highs. An announcement of the lifting of Japan's ban on U.S. beef is expected any day now. Feb live cattle up fifty cents at 95-97. Jan feeders up 37 at 115-70. Jan Class III milk up a nickel at 13-02. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.