01/23/06 Cattle absorb Japan news

Marketline January 23, 2006 Stronger cash fed cattle prices Friday, in the 96 to 97 dollar range, helped cattle futures recover from news Japan had again banned imports of U.S. beef and contracts closed only slightly lower. A U.S. shipment of veal contained spinal material prohibited by Japan. Some traders say the market could still react more negatively to the Japanese situation. After the market closed Friday USDA reported the feedlot inventory on January 1st was up 4 ½ percent over last year. Marketings in December were down 3.5 percent and placements were up 2.7 percent from a year earlier. The report was being read as neutral to bearish. Ahead of that April live cattle were down 53 cents at 94-13. March feeders down 23 at 111-47. March Class III milk down nine cents at 12-48. Wheat futures were narrowly mixed Friday. The weekly export sales report was considered neutral at about 351-thousand tons. Dryness in the southern Plains has been supportive but the region may be getting some moisture. Traders have been watching a cold spell in the Ukraine but Ryan Kilbrantz of ADMIS doesn't see a problem. Kilbrantz: "Widespread damage is not expected because the snow cover should protect the crops but continued concerns are benefiting prices in the market." On Friday March Chicago wheat was unchanged at 3-26 ½. March corn unchanged at 2-05. Portland cash white wheat steady to three cents higher at mostly 3-43. New crop August 3-52 to 3-60. Club wheat 3-93. PNW HRW 11.5 percent protein 4-59. Dark northern spring 14% protein 5-15. Export barley 101 dollars a ton. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.