10/10/05 Near record feeder futures

Marketline October 1, 2005 Grain traders are beginning to look ahead to this Wednesday's crop production and supply and demand report from USDA. Friday wheat futures were lower on technical selling and pressure from moisture forecast for the Plains hard red winter wheat area. Favorable weather for the Canadian harvest was also cited. Ryan Kilbrandtz at the Minneapolis Grain Exchange updates conditions for some foreign competitors. Kilbrandtz: "They do see dry conditions in the Ukraine and southwestern Russia. The chance of moisture there is expected to improve in the next couple of weeks but maybe a little too late to improve conditions before dormancy. Australian wheat areas are experiencing some dryness and they are expected to improve in the next couple of weeks." On Friday December Chicago wheat was down 7 1/4 cents at 3-38. December corn down 1 3/4 at 2-02 ½. Portland cash white wheat one to two cents lower at mostly 3-62. Club wheat 3-97. PNW HRW 11.5 percent protein lower at 4-60. Dark northern spring 14% protein lower at 5-20. Export barley 104 dollars a ton. The National Feeder Cattle Summary reported feeder steers and heifers sold steady to two dollars lower last week. Calves were under more pressure. Fed cattle had not yet traded when futures closed Friday but traders were anticipating higher prices and that boosted contracts. Dec live cattle up 32 cents at 91-10. The October feeder contract was just 30 cents short of the all-time record high for a feeder contract closing at 118-40. Nov feeders were up 38 at 116-65. The Nov Class III milk up four cents at 13-48. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.