10/26/05 Crop ratings support wheat

10/26/05 Crop ratings support wheat

Marketline October 26, 2005 Wheat futures closed higher Tuesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says talk about possible Iraqi business was supportive. Hoops: "Rumors that Iraq is in the market for 800-thousand tons of U.S. wheat. No confirmation on that at this point. It is believed they will take milling wheat and hard wheat and that is why Kansas City was up the strongest. Also supplying support to the wheat market was the fact that the good to excellent ratings came in at 57%. That is below expectations of 65. Last year at this time we were rated at 76% good to excellent. So that is a little supportive and we were higher on that as well." Hoops expects action the rest of the week to be choppy with generally downward pressure going into November. On Tuesday December Chicago wheat was up 2 1/4 cents at 3-25 ½. December corn unchanged at 1-99 ½. Portland cash white wheat steady to a penny higher at mostly 3-60. Club wheat 4-10. PNW HRW 11.5 percent protein higher at mostly 4-57. Dark northern spring 14% protein higher at 5-03. Export barley 104 dollars a ton. Cattle futures were mostly higher Tuesday in what traders called a technical rally. Firm cash beef prices supported contracts and there are thoughts Brazil's latest bout with foot and mouth disease may push some export business to the U.S. Dec live cattle up 70 cents at 90-70. Nov feeders up 38 at 114-28. Nov Class III milk down six cents at 13-68. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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