01/10/06 Soybeans pressure wheat futures

Marketline January 10. 2006 Rain for some of the soybean production areas of South America sparked selling in soybeans Monday and that spilled over to wheat futures. Joe Victor of Allendale says this was despite a good weekly export inspection report for wheat. Victor: "It was a neutral indicator and did manage to reduce the amount needed on a weekly basis to meet USDA's objective for exports of one billion bushels." The wheat export inspections were just over 22 million bushels. Expectations had been for 13 to 20 million. Kansas City saw the biggest losses Monday where longs liquidated after the CFTC reported non-commercial net long positions of nearly 49-thousand Kansas City futures and options contracts combined. On Monday March Chicago wheat was down 4 ¼ cents at 3-26 ½. March corn down 3 ¼ at 2-11. Portland cash white wheat two to five cents lower at mostly 3-43. New crop August white wheat lower at 3-48 to 3-56. Club wheat 3-89. PNW HRW 11.5 percent protein lower at 4-46. Dark northern spring 14% protein lower at 5-05. Export barley 101 dollars a ton. Cattle futures closed higher Monday with the action focused more on technical factors than fundamentals. Disappointment over cash feeders at Oklahoma City limited feeder contract gains and bears think packers may reduce slaughter. Feb live cattle up 42 cents at 96-47. March feeders up 28 at 114-25. Feb Class III milk up three cents at 13-08. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.