10/19/05 Funds sell wheat, buy cattle

10/19/05 Funds sell wheat, buy cattle

Marketline October 19, 2005 Wheat futures were down sharply Tuesday as commodity funds were aggressive sellers. Exports of hard red wheats, particularly hard red winter wheat, had been doing well but traders are now worried they will slow down with a stronger dollar and firming ocean freight rates. Another concern is that Canada will become more aggressive in marketing its just harvested wheat crop. Forecasts for rains across the Plains hard red winter wheat belt also added pressure. Planting of the U.S. winter wheat crop is progressing well nationally at 78 percent complete, a point above average for now, though seeding is lagging in the Pacific Northwest. After the close of trading Tuesday Egypt did announce a tender for up to 60 thousand metric tons of wheat for late-November shipment. On Tuesday December Chicago wheat was down 7 ½ cents at 3-28 3/4. December corn down 1 3/4 at 2-02. Portland cash white wheat down two cents at mostly 3-61. Club wheat 4-07. PNW HRW 11.5 percent protein lower at 4-58. Dark northern spring 14% protein down a dime at 5-11. Export barley 104 dollars a ton. Large fund buying helped cattle futures rebound Tuesday. Falling feed grain prices also supported feeder contracts. Dec live cattle up a dollar at 89-95. Nov feeders up 42 at 115-60. Nov Class III milk up a penny at 13-81. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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