11/22/05 More contract lows in Chicago wheat

Marketline November 22, 2005 Wheat futures were lower Monday with nearby December wheat at Chicago slipping below the key psychological support level of $3 a bushel. Funds are accumulating record short positions at Chicago where contract lows continue to be set. Vic Lespinasse of A.G. Edwards at the Chicago Board of Trade cites some reasons for the pressure on wheat Monday. Lespinasse: "Less than expected weekly export inspections for wheat coupled with indications from India that they will not be importing any wheat over the next several months contrary to previous expectations, and spillover selling from weakness in Kansas City along with modest fund selling all weighed on the wheat market and pushed it lower." On Monday March Chicago wheat was down 4 ½ cents at 3-13 1/4. March corn unchanged at 2-05 1/4. Portland cash white wheat two to three cents lower at mostly 3-42. Club wheat 3-87. PNW HRW 11.5 percent protein lower at 4-46. Dark northern spring 14% protein lower at 5-17. Export barley 103 dollars a ton. Cattle futures were lower Monday getting some spillover pressure from sharply lower lean hog futures and a bearish placement number in Friday's Cattle on Feed Report. Weaker boxed beef prices reinforced the negative sentiment. Feb live cattle down a dollar at 92-75. Jan feeders down 92 at 112-67. Jan Class III milk down two cents at 12-68. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.