10/24/06 The bulls are still running it up

Wheat traded higher Monday. The bulls went running after spotting price weakness in early morning trading. The Iraqi's are tendering for 300 to 600,000 tons of wheat. The bulls believe that in this year's tight market that the United States is the only exporter positioned enough to supply increasing demands. Chicago Wheat ended up 12 to close at 5.17. Minneapolis contracts for December were up 8 ½, Kansas City December wheat up 11 1/2. December corn up 5 ½ to 3.18 ¼. Portland cash white mostly 5.02 Club White mostly 5.02. Pacific Northwest HRW 11.5 percent protein up 11 to 13 at 5.82. Dark Northern Spring 14 percent protein, mostly 5.90, up 6 to 15. Live cattle were higher on Monday. Cash markets ended on Friday higher than October contracts causing traders to jump in the market yesterday and make up the difference. Monday daily boxed beef cutout sales for choice were up 1.21 from Friday and 1.09 from Friday for Select cuts. With this increase in product value gains were inevitable in the futures market. December live cattle 88.70 up 1.62. November feeders 105, up .25. November Class III milk at Chicago down .15 to 12.89.