12/09/05 Trade gets supply & demand numbers

Marketline December 9, 2005 Wheat futures were lower again Thursday. The European Union increased its export subsidy to seven Euros per ton. It had been five Euros for the past month. USDA's weekly export sales report came in within trade expectations for wheat at 451-thousand 400 tons. Rich Nelson of Allendale says traders were looking ahead yesterday to this morning's monthly supply and demand report from USDA. Nelson: "That is expected to show an increase in corn as well as soybean stocks and a decrease in wheat stocks." The trade is looking for about a six million bushel decrease in U.S. wheat stocks from last month's report. On Thursday March Chicago wheat was down a penny at 3-12 1/4. March corn up 3/4 at 2-10 3/4. Portland cash white wheat steady to a penny higher at mostly 3-42. Club wheat 3-87. PNW HRW 11.5 percent protein lower at 4-47. Dark northern spring 14% protein lower at 5-09. Still no barley bids. The Japanese Food Safety Commission is recommending Japan lift its ban on young U.S. beef and the official announcement on reopening of the Japanese market could come early next week. But cattle futures were lower Thursday on profit taking. There's concern the premium on live cattle futures to cash is too great. Feb live cattle down 47 cents at 95-50. Jan feeders down 92 at 114-78. Jan Class III milk up 12 cents at 13-14. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.