11/09/05 Crop ratings help wheat futures

11/09/05 Crop ratings help wheat futures

Marketline November 9, 2005 Wheat futures closed higher Tuesday with traders pointing to a drop in the weekly condition ratings nationally for winter wheat as the trigger for higher prices. Good to excellent ratings drop four points. Regionally ratings in the PNW generally showed improvement over a week ago. Some dry forecasts for the U.S. southern Plains were also supportive. With a monthly USDA supply and demand report due out tomorrow morning, Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange doesn't expect much excitement today. Kilbrantz: "I'd expect range-bound trade to continue before Thursday's USDA report. Funds remain heavy longs here and liquidation would spur a testing of major support levels. But until we see the report on Thursday I think we are going to trade sideways." On Tuesday December Chicago wheat was up three cents at 3-13. December corn up a half at 1-95 1/4. Portland cash white wheat steady to a penny lower but mostly 3-49. Club wheat 3-94. PNW HRW 11.5 percent protein higher at 4-56. Dark northern spring 14% protein higher at 5-22. Export barley 104 dollars a ton. Cattle futures were slightly lower Tuesday. Market action was choppy as traders await indications of cash market direction. Expectations are for a steady to firm cash market. Dec live cattle unchanged at 91-80. Jan feeders down 17 at 114-60. Dec Class III milk down nine cents at 13-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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