Lots of poor quality Canadian wheat

Market Line November 1, 2010 Condition ratings for winter wheat in the fall are said not have much correlation to yields next summer but traders reacted to USDA’s first of the season ratings last week. They will get an new report after the trade closes today.

Wheat futures were mixed Friday following a late sell off. Dryness in areas of the Plains and Midwest continues to offer the market support. Iraq was tendering for 100-thousand metric tons of optional origin wheat and U.S. hard red winter is expected to be on the short list.

The Canadian Wheat Board has reported that only 38 percent of its 2010 spring and durum crops meet the top two grades, which is said to make it the lowest rated crop in the last six years.

On Friday Chicago December wheat down a penny at 7-17 ¼. December corn up three cents at 5-82. Portland soft white wheat for November delivery unchanged at mostly 6-15 on limited bids. No Club wheat premium. No Portland red wheat bids. Minneapolis December spring wheat futures up a half cent at 7-76 ¾.

Cattle futures were lower Friday. Month end position squaring was cited as was uncertainty about this week’s cash market. Cash fed cattle were down two dollars last week. Feeders followed live contracts and also felt pressure from higher corn. December live cattle down 45 cents at 98-82. January feeders down 37 at 110-80. December Class III milk down 37 cents at 14-32 on lower cheese prices.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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