10/25/05 Funds sell wheat; Japan delays on beef

Marketline October 25, 2005 Wheat futures were lower Monday with funds noted sellers particularly at Kansas City and Minneapolis where they have held large long positions. Weekly export inspections for wheat were within trade expectations and routine. There was talk about a potential Iraqi purchase of U.S. wheat but nothing confirmed. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says that afer the close USDA issued its first condition ratings for the winter wheat crop. Hoops: "57 good to excellent. I think actually the trade was looking for a little better than that. Probably should improve after rain last week and some drier conditions. Should improve the ratings for next week." On Monday December Chicago wheat was down 6 3/4 cents at 3-23 1/4. December corn down two at 1-99 ½. Portland cash white wheat two to three cents lower at mostly 3-60. Club wheat 4-10. PNW HRW 11.5 percent protein lower at 4-51. Dark northern spring 14% protein lower at $5. Export barley 104 dollars a ton. Cattle futures were mixed Monday. Some traders said there was some pressure from the Cattle on Feed Report which had higher placements than expected. Some analysts say contracts did fairly well given news that Japan's Food Safety Commission has failed again to reach agreement on resuming imports of U.S. beef. Dec live cattle up seven cents at $90. Nov feeders down 53 at 113-90. Nov Class III milk up seven cents at 13-74. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.