11/03/05 Wheat lower; another step by Japan

Marketline November 3, 2005 Wheat futures were lower Wednesday with Kansas City posting the largest losses. Chicago December wheat hit a contract low. The lack of export news and the modest improvement in winter wheat crop condition ratings continue to be cited as negative factors. Joe Victor of Allendale Incorporated says a lower pattern is not unusual for this time of year. Victor: "Seasonally, December wheat futures tend to want to slowly grind lower going into the December expiration." USDA issues the weekly export sales report this morning and Victor says it could provide market direction today. On Wednesday December Chicago wheat was down four cents at 3-13. December corn down 3/4 at 1-96. Portland cash white wheat two to four lower at mostly 3-53. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-53. Dark northern spring 14% protein unchanged to higher at mostly 5-16. Export barley 105 dollars a ton. Cattle futures were higher Wednesday with the modest gains attributed to optimism about the resumption of beef exports to Japan. The full Japanese Food Safety Commission yesterday adopted the report on the safety of U.S. beef commencing several weeks of public comment after which a recommendation will be made to the Japanese government. The cash fed cattle market remained quiet. Dec live cattle up 37 cents at 90-30. Jan feeders up 40 at 113-90. Dec Class III milk down nine cents at 13-26. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.