11/15/05 Wheat futures bounce around

Wheat futures ended mostly lower on Monday. Futures were supported early by expectations for a decline in the crop condition ratings. However, profit-taking by speculative longs pushed most contracts lower. Vic Lespeous at the Chicago Board of Trade wheat flip flopped up and down all day. LESPEOUS "It seemed like it was trying to work higher and there was a lot of unwinding of spreads between Chicago and Kansas City. Funds are big longs in Kansas City, big shorts in Chicago and there was some unwinding of those spreads." Kansas City December was down 6 1/2 cents while Minneapolis was 1 cent lower at $3.75. On Monday Chicago December wheat was up ¼ to 3.11 ¾. December corn up .01 ¼ to 1.96 ¾. Portland cash white mostly 3.48. Club White unchanged at 3.93 Pacific Northwest HRW 11.5 percent protein down.06 to 4.39. Dark Northern Spring 14 percent protein off .03 to 5.25. Export barley $100/ton Live cattle futures were higher on Monday. The market rebounded from last Friday's steep sell off. Solid gains in the boxed beef cutout values gave the market a boost. December gained 65 points to close at $91.07. February closed 50 points higher at $93.95. January feeders 113.72 up .75. December Class III milk at Chicago up .03 to 13.05. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.