10/04/05 Watching dryness in the Ukraine

10/04/05 Watching dryness in the Ukraine

Marketline October 4, 2005 Wheat futures were higher Monday with continued follow through support and fund short covering from last Friday's USDA report which showed the U.S. wheat crop was smaller than expected. Ryan Kilbrandt at the Minneapolis Grain Exchange says traders continue to watch harvest weather in Canada and dry conditions in the Ukraine. Kilbrandt: "The Ukraine and southwest areas of Russia do remain dry and there is no major rainfall forecast the next ten days or so. That crop does need moisture shortly before it goes into dormancy to establish favorable conditions." USDA reported Monday afternoon that over half the U.S. 2006 winter wheat crop, 54 percent, has now been planted, slightly ahead of average. Rapid planting progress was reported in Idaho and Washington this past week. On Monday December Chicago wheat was up 2 ½ cents at 3-48 3/4. December corn up 3 1/4 at 2-08 3/4. Portland cash white wheat up three cents at mostly 3-65. Club wheat 3-95. PNW HRW 11.5 percent protein higher at 4-72. Dark northern spring 14% protein higher at 5-28. Export barley 104 dollars a ton. Some live cattle and all feeder cattle futures contracts set new highs Monday. Expectations of higher cash fed cattle this week helped live contracts as did new highs hog futures. Boxed beef prices were supportive as well. Feeders also benefitted from strong cash markets. Dec live cattle up 113 at 90-22. Nov feeders up 45 at 115-40. Nov Class III milk up two cents at 13-57. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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