01/18/06 Weekly exports down, wheat futures too

Wheat futures closed moderately lower on Tuesday. The market gave back last week's gains amid concerns about global export competition. USDA reported yesterday that weekly export inspections fell to only 11.8 million bushels. Ryan Calbranz says that's about half the total of the previous week. CALBRANZ  "They were thinking between 15 and 20 million bushels so that number came in below estimates. Last week's number totaled 22.6 million bushels." Chicago March wheat was down 6 cents at $3.28 3/4. Kansas City March fell 8 cents and Minneapolis March was 6 cents lower at $3.86. March corn settled 4 ¾ lower at 2.08 ¾. Portland cash white 3.42 down .02 August new crop down .01 at 3.56. Club White mostly 3.92, up .05. Pacific Northwest HRW 11.5 percent protein down .08 mostly 4.50. Dark Northern Spring 14 percent protein down .06 at 5.08. Export barley 98 /ton Live cattle futures were higher on Tuesday. The market was boosted by stronger cutout values. Commercial buying underpinned the market amid the thought that cash cattle prices will be $1 to $2 higher this week. February closed 97 points higher at $96.55. March feeder cattle were up .47 at $112.45. February Class III milk at Chicago unchanged at 12.87.