11/29/05 Looking beyond first notice day

Marketline November 29, 2005 Wheat futures closed mixed but mostly higher Monday. Today is first notice day on deliveries for December contracts and Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says that could mean pressure on prices today. Hoops: "We do expect heavy deliveries in the corn and wheat because the wide basis and no large carry should encourage deliveries. After that is past we expect the market to rally. In fact seasonally we do see a bounce in the wheat, corn and beans as we get past first notice day." A rally Hoops says could last just a few weeks. Monday's USDA export inspections report came in as the trade expected. While wintry moisture was hitting the some of the upper Plains and Midwest the dry southern Plains has not received much moisture. After the close yesterday USDA's winter wheat ratings showed a three point drop in the good to excellent ratings from last week. On Monday March Chicago wheat was up a penny at 3-13 1/4. March corn down a penny at 2-01 3/4. Portland cash white wheat steady to a penny lower but mostly 3-41. Club wheat 3-86. PNW HRW 11.5 percent protein higher at 4-40. Dark northern spring 14% protein up a penny at 5-12. Export barley 103 dollars a ton. Cattle futures saw more contract highs Monday. Corn continues to set contract lows which is supportive to feeder contracts. Opinions varied as to the impact the wintry weather in some Plains feeding states had on the market but some observers noted the conditions could slow weight gains. Feb live cattle up 35 cents at 95-20. Jan feeders up 92 at 116-95. Jan Class III milk up three cents at 12-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.