10/27/05 Iraq buys; big Aussie crop forecast

10/27/05 Iraq buys; big Aussie crop forecast

Marketline October 27, 2005 Hard red wheat futures closed higher Wednesday but soft red contracts at Chicago were lower. Brian Hoops of Midwest Market Solutions says confirmation of an Iraqi wheat buy helped Kansas City and Minneapolis. Hoops: "Iraq has purchased one-million metric tons from the U.S. There had been rumors circulating for some time and we finally saw confirmation. Chicago wheat fell lower on some heavy spreading between Minneapolis-Kansas City against the Chicago market. The Australian Wheat Board raised its crop estimate to a near record 23 to 25 mmt. USDA is forecasting 22, so it would be above the USDA forecast." Pakistan said it would increase the wheat price support for its farmers to encourage production. Ukraine says that due to dry planting conditions it expects to grow only nine-million tons of winter wheat in 2006, down from the 2005 harvest over 17.5 million. On Wednesday December Chicago wheat was down two cents at 3-23 ½. December corn down 1 1/4 at 1-98 1/4. Portland cash white wheat bids a penny higher but mostly 3-60. Club wheat 4-10. PNW HRW 11.5 percent protein higher at 4-61. Dark northern spring 14% protein higher at 5-12. Export barley 104 dollars a ton. Cattle futures were mixed Wednesday as traders await developments in the cash market and uncertainty about resuming exports to Japan. Dec live cattle down 18 cents at 90-53. Nov feeders down 28 at 114. Nov Class III milk up six cents at 13-74. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report10/26/05 Crop ratings support wheat
Next Report10/28/05 Poor exports but wheat futures higher