News : Wheat industry experiences mixed week : Sidney Herald, Sidney, Montana

Wheat industry experiences mixed week

Published on Sunday, October 2, 2005 9:07 AM MDT

The wheat complex had a mixed week, coming under profit-taking pressure after an impressive rally. Minneapolis spring wheat, however, maintained its rally power on continued concerns about quality and yields from the United States and Canadian crops.

Corn and beans continued their move lower as harvest progresses in the Midwest with yields coming in much better than expected, and on burgeoning supplies as transportation remains very expensive following Hurricane Katrina, making it difficult to move the grain to interior or export facilities.

The cattle complex turned higher after a slight pullback, led by better than expected cash prices for fed cattle; feeders continue to march higher on tight supplies and cheap feed grains.

Energy prices were mixed with crude holding steady but products surging higher again as refineries struggle to get back into operation after consecutive hurricanes hit the Gulf Coast.

The U.S. dollar pushed higher after the FED raised interest rates again, pressuring foreign currencies. Gold was higher despite the higher dollar; inflation fears were rekindled on the sharply higher energy market and traders headed back to the gold market for their inflation hedge.

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