01/26/06 Funds and specs send wheat higher

Marketline January 26, 2006 Wheat futures put in some good gains Wednesday with Chicago leading the way. Kansas City and Minneapolis did hit some new highs. The dryness in the U.S. southern Plains continues to be fundamentally supportive as do concerns about winterkill in Ukraine and Russia. Mark Chiodo of Slipka Commodities at Minneapolis, says the funds seem to in charge. Chiodo: "And whatever their pleasure is where we are going to travel here. But I think in the corn and wheat at least the speculative trade will be very cautious selling into any more fund buying so the upside is only going to be held in check by the fundamentals." On Wednesday March Chicago wheat was up 9 ½ cents at 3-42. March corn up 3 ¼ cents at 2-16 ½. Portland cash white wheat one to four cents higher at mostly 3-48. August new crop two to three cents higher at 3-60 to 3-65. Club wheat 3-98. PNW HRW 11.5 percent protein higher at 4-61. Dark northern spring 14% protein higher at 5-22. Export barley 101 dollars a ton. Live cattle futures were firm Wednesday while feeders were lower. Higher corn pressured feeder contracts while short bought packers and tight supplies are expected to support cash fed cattle this week. USDA also announced Taiwan had again reopened to boneless U.S. beef on cattle 30 months of age and younger. April live cattle up at dime at 93-30. March feeders down a nickel at 111-40. March Class III milk down at penny at 12-31. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.