10/31/05 Still awaiting confirmation on Iraq

Marketline October 31, 2005 Wheat futures closed lower Friday with Chicago leading the way down. There was still no confirmation about a sale of U.S. wheat to Iraq but that had some observers wondering why soft red at Chicago was down so hard, since Iraq would be after hard red wheat. Soft red wheat at Chicago continues to get pressure from new contract lows in corn as well as expectations of increased plantings. Brian Hoops of Midwest Market Solutions puts the three wheat markets in context. Hoops: "Interesting to note that Kansas City, Minneapolis are not that far away from contract highs while Chicago is at a contract low or close to it." India says it will not import wheat due to adequate stocks and China says its September wheat imports were down 90 percent from last year. On Friday December Chicago wheat was down 6 3/4 cents at 3-17 3/4. December corn down 3/4 at 1-97. Portland cash white wheat one to five cents lower but mostly 3-60. Club wheat mostly 4-05. PNW HRW 11.5 percent protein lower at 4-65. Dark northern spring 14% protein lower at 5-16. Export barley 105 dollars a ton. USDA says feeder cattle were steady to two-dollars lower last week. Fed cattle sold last week steady to a dollar lower at 87 to 88 dollars. Commercial short covering and fund buying helped cattle futures post strong gains Friday. Lower corn gave added support to feeder contracts. Dec live cattle up 95 cents at 91-30. Jan feeders up 115 at 113-53. Dec Class III milk down nine cents at 13-46. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.