11/30/05 Hard red wheats lead futures higher

11/30/05 Hard red wheats lead futures higher

Marketline November 30 2005 Wheat futures posted solid gains Tuesday with Kansas City leading the way. USDA's winter wheat ratings showed another decline in crop condition and that was supportive to the market. Brian Hoops of Midwest Market Solutions inYankton, South Dakota, says some Iraqi news was also positive. Hoops: "Firming the Kansas City wheat December contract was news that Iraqi was issuing a tender to transport about 250-thousand tons of U.S. wheat without any shipping delays. So it was good news and almost a relief to traders as they were anticipating that there may be some slow down in the U.S. shipment of wheat to Iraq. Also after the close it was announced that Iraq may be in the market for another 200-250-thousand tons of wheat." The Australian government is now forecasting a wheat crop that would be 18 percent larger than last year's. Argentina has again trimmed its production estimate. On Tuesday March Chicago wheat was up 3 ½ cents at 3-16 3/4. March corn down 1 1/4 cents at two-dollars and a half cent. Portland cash white wheat three to four cents higher at mostly 3-45. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-50. Dark northern spring 14% protein higher at 5-17. Export barley 103 dollars a ton. Live cattle futures were mixed Tuesday but most feeder contracts set new highs. Traders were trying to assess the impact wintry weather may have on cattle marketing. Feb live cattle down two cents at 95-17. Jan feeders up 25 at 117-20. Jan Class III milk up a penny at 12-81. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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