11/10/05 Market gets USDA report

Marketline November 10, 2005 Futures traders get the numbers from a USDA report this morning which could set the tone for the day's activity. A lot of attention will be on the figures for U.S. corn and soybean production, which market analyst Allen Brugler says are expected to be increased from a month ago. Brugler: "Well most of the private estimates that I've seen are a little larger anywhere from 100-200 million bushels on the corn and 50 to a 100 million on the beans." Analysts are looking for a slight increase in U.S. wheat ending stocks. Wednesday wheat futures were higher. Recent dry weather in the Plains was supportive as was renewed speculation India may import wheat even if it is not from the U.S. Some analysts think the Kansas City/Chicago spread may try for a new high. On Wednesday December Chicago wheat was up two cents at 3-15. December corn unchanged at 1-95 1/4. Portland cash white wheat steady to a penny higher at mostly 3-49. Club wheat 3-94. PNW HRW 11.5 percent protein higher at 4-62. Dark northern spring 14% protein higher at 5-29. Export barley 104 dollars a ton. There were some new contract highs for cattle futures Wednesday with live contracts closing higher and feeders mixed. Improved boxed beef prices provided support. Bullish traders see fewer finished cattle coming to market in December while bearish traders expect packers to cut slaughter rates ahead of Thanksgiving. Dec live cattle up 22 cents at 91-95. Jan feeders down 40 at 114-25. Dec Class III milk down nine cents at 12-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.