10/11/05 Iraqi wheat purchase helps markets

Wheat futures were higher on Monday. Chicago December contracts were up 1 ¾ to 3.39 ¾. Minneapolis picked up 3 ½ and Kansas City December up 5 ¾. Bill Mendenhall at AgriSource says news that Iraq will buy US wheat helped the futures at a time when there really isn't a lot of news. MENDENHALL "Kind of snubbed Australia a little bit and said they would take a million tons from the United States. So that will help. Typical October, up a little bit but not very much. We've got plenty of wheat out there around the world." Traders were also positioning themselves ahead the USDA Supply/Demand report due out today. Corn set new lows in several contracts, December corn down ½ at 2.02. Portland cash white 3.60 Club White October 3.95 Pacific Northwest HRW 11.5 percent protein mostly 4.66 Dark Northern Spring 14 percent protein mostly 5.24. Export barley 102-104/ton Cattle futures ended slightly higher Monday after a mixed session. Ideas that cash markets will hold firm this week were supportive. However, packer margins are being squeezed by weaker beef prices. December live cattle 91.40, up .30 November feeders down .25 to 116.40. November Class III milk at Chicago up .13 to 13.61.