11/08/05 Funds still selling hard red wheats

11/08/05 Funds still selling hard red wheats

Marketline November 8, 2005 Wheat futures were lower Monday with Kansas City leading the way down as funds continued to liquidate long positions. Both Chicago December wheat and corn set new contract lows. Ryan Kilbrantz with ADM at the Minneapolis Grain Exchange, says the weekly export inspections report didn't help wheat. Kilbrantz: "Export inspections for the week ending 11-3 totaled 17.135 million bushels, below trade expectations of 19 to 24 million bushels. Last week's inspections totaled 22.6 and inspections for the current marketing year are lagging behind last year. We are at 438.4 versus 501.2 a year ago." Kilbrantz says western Australia is expected to see mostly dry weather benefiting crop maturity and harvest progress there while Argentina's wheat belt may see some scattered showers later this week. On Monday December Chicago wheat was down 1 1/4 cents at 3-10. December corn down 3/4 at 1-94 3/4. Portland cash white wheat one to two cents lower at mostly 3-48. Club wheat 3-93.PNW HRW 11.5 percent protein lower at 4-51. Dark northern spring 14% protein mixed at 5-19. Export barley 104 dollars a ton. Deferred-month live and feeder cattle futures made new contract highs Monday. A big rally in hog futures helped cattle. Futures also continued to get support from last week's firm cash market trade but gains were limited by the sluggish wholesale beef market and negative packer margins. Dec live cattle up 32 cents at 91-80. Jan feeders up 12 at 114-78. Dec Class III milk down a penny at 13-14. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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