11/18/05 Funds sell wheat futures

Marketline November 18, 2005 Wheat futures were lower Thursday despite what brokers said was an acceptable number in the weekly exports sales report from USDA. Sales were reported at over 565-thousand metric tons. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says commodity funds were aggressive sellers. Chiodo: "Mostly in KC funds came in and sold about three-thousand contracts off the bat and they came in later about mid-morning. About six-thousand contracts by mid-day. In Chicago funds had sold about one-thousand contracts there so wheat is still under pressure." On Thursday December Chicago wheat was down two cents at 3-04 3/4. December corn down a half at 1-92 1/4. Portland cash white wheat was steady to weak at mostly 3-44. Club wheat 3-89. PNW HRW 11.5 percent protein lower at 4-51. Dark northern spring 14% protein lower at 5-20. Export barley 103 dollars a ton. Cattle futures were mostly lower Thursday as lower cash fed cattle pressured the market. Some 90-dollar sales were reported in Texas. Some further strength in wholesale beef prices helped limit losses. Traders were also waiting for this afternoon's Cattle on Feed Report from USDA. Dec live cattle down 47 cents at 91-72. Jan feeders down 67 at 113-85. Dec Class III milk down two cents at 12-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.