10/25/06 Row crops help wheat futures

Marketline October 25, 2006 Wheat futures closed mostly higher Tuesday. Outside support from corn and soybeans was cited as helping wheat and funds were buyers. There was not much fundamental news Tuesday though in the Ukraine internal wheat prices have not fallen as much as the government had hoped when it imposed export licenses and that could mean even slower exports from the Ukraine. Ryan Kelbrantz of ADMIS at the Minneapolis Grain Exchange offers his take on the market. Kelbrantz: "I think we will see outside markets continue to influence prices and the export market will be closely monitored as well for direction. And volatile conditions are expected as well and I think we are going to see some support from the tight world balance tables. On Tuesday December Chicago wheat was up 5 ½ cents at 5-22 ½. December corn up six at 3-24 ¼. Portland cash soft white wheat two to four cents higher at mostly 5-02. Club wheat 5-02. HRW 11.5 percent protein mixed at 5-85. Dark northern spring 14% protein five to 14-cents higher at mostly 5-97. Cattle futures were mostly lower Tuesday as traders took advantage of Monday's strong rally to take profits with the October contract expiring in seven days. Traders are now awaiting cash market developments for fed cattle. Dec live cattle down 35 cents at 88-35. Nov feeders down 17 at 104-82, Nov Class III milk down 15 cents at 12-59. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.