01/30/06 Awaiting Iraq results; Cattle numbers

Marketline January 30, 2006 Futures traders will be checking to see how an expected weekend tender for wheat by Iraq turned out. Reports last week had Iraq tendering for one-million tons of optional origin wheat. Friday wheat futures closed lower at Chicago and Kansas City on late profit taking and month end position squaring. Mark Chiodo says a key this week could be what the funds do. Chiodo: "If they decide to keep buying here I think they could push it up a ways further here. They seem to have enough money behind them and the wherewithal. That will be the key. If they are not in here then we should set back and get back into what our trading range has been lately. But for now they re the game and they are running the pit." On Friday March Chicago wheat was down a penny at 3-43 ½. March corn up 1 ¾ at 2-18 ¾. Portland cash white wheat steady to lower but mostly 3-49. August new crop mixed at 3-62 to 3-64. Club wheat 3-99. PNW HRW 11.5 percent protein lower at 4-64. Dark northern spring 14% protein unchanged to higher at 5-25. Export barley 101 dollars a ton. Cattle futures were under pressure Friday as cash fed cattle sold for 95 dollars, about two dollars below the previous week. Uncertainty over the situation with Japan was also cited. USDA issued its semi annual Cattle Inventory report Friday which pegged all cattle and calves up two percent from a year ago at 97.1 million head. That was in line with trade expectations. In the futures, April live cattle down 130 at 91-78. March feeders down 85 at 110-63. March Class III milk down a penny at 12-16. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.