12/22/05 Wheat eases back

12/22/05 Wheat eases back

Marketline December 22, 2005 This is the last full trading day ahead of a long holiday weekend. Tomorrow futures exchanges close early. Wednesday wheat futures were lower. Chicago couldn't break through a key technical level, $3.28 in March wheat. However Mark Chiodo of Slipka Commodities in Minneapolis thinks today could be positive. Chiodo: "I suspect any fund buying that comes through will help us push through the plus side. There doesn't seem to be enough hedge selling to make the thing fall back. The commercials, except for their hedge selling, have been largely quiet. The speculative crowd, though much lighter, has been able to push the market around a little bit. So, looking for a quiet time. Probably a little bit back to the plus side." USDA issues the weekly export sales report this morning. .. On Wednesday March Chicago wheat was down a half cent at 3-27 and a half. March corn up a quarter cent at 2-10. Portland cash white wheat steady to a penny higher at mostly 3-46. Club wheat 3-93. PNW HRW 11.5 percent protein lower at 4-57. Dark northern spring 14% protein lower at 5-02. No barley bids. Cattle futures reversed from early highs to close lower Wednesday. Higher cash cattle and beef prices provided early support which gave way to profit taking amid thoughts cash prices have probably established as near-term top. Fed cattle sold at 96 dollars. Tomorrow USDA issues a Cattle on Feed report. Feb live cattle down 1-10 at 96-18. Jan feeders down 97 at 114-08. Jan Class III milk up seven cents at 13-55. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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