01/27/06 Weather and Iraq help wheat futures

Marketline January 27, 2006 Wheat futures were higher again Thursday and that continued to benefit Portland prices. Not only do concerns continue about the U.S. southern Plains hard red winter wheat crop but also Black Sea production where a weather service company was reporting 15 percent of the winter wheat in the Commonwealth of Independent states lacked adequate snow cover in the recent frigid weather. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says there was also a report about Iraq. Chiodo: "News wire report came out and said Iraq was tendering for one-million metric tons. Some folks say that was already in the market. At any rate the news service put it out and it is there. It is interesting we get wheat demand at these higher levels here." Both Kansas City and Minneapolis did see some new contract highs. On Thursday March Chicago wheat was up 2 ½ cents at 3-44 ½. March corn up a half cent at 2-17. Portland cash white wheat one to three cents higher at mostly 3-50. August new crop unchanged to higher at 3-60 to 3-67. Club wheat $4. PNW HRW 11.5 percent protein higher at 4-66. Dark northern spring 14% protein up two cents at 5-23. Export barley 101 dollars a ton. Cattle futures were mixed Thursday as lack of cash market activity limited price action. Weakness in boxed beef cutout values and negative packer margins are contributing to ideas that the cash fed market will slip lower in early February. April live cattle down 22 cents at 93-08. March feeders up seven at 111-47. March Class III milk down 14 cents at 12-17. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.