01/31/06 Wheat futures up; cattle slip

01/31/06 Wheat futures up; cattle slip

Marketline January 31, 2006 Wheat futures were modestly higher Monday with Kansas City the leader. There is still hope that the U.S. will garner some of an Iraqi optional origin tender which is usually hard red wheat. USDA's weekly inspections report for wheat came in above trade expectations at 23.4 million bushels for the week ending January 26th. Some precipitation was also taken out of the forecasts for the dry southern Plains. Peter Georgantones of Investment Trading Services in Minneapolis says the funds are still short too. Geogantones: "The Commitment of Traders Report Friday showed them short still about 36,000 contracts and the small speculator is still short. We will have to flush some of them boys out before this thing can head back down again." On Monday March Chicago wheat was up 1 ¾ cents at 3-45 ¼. March corn down a penny at 2-17 ¾. Portland cash white wheat steady at mostly 3-50. August new crop mixed at 3-56 to 3-65. Club wheat $4. PNW HRW 11.5 percent protein higher at 4-70. Dark northern spring 14% protein up two cents at 5-28. Export barley 101 dollars a ton. Cattle futures were lower Monday as funds liquidated when technical support levels were broken. Fundamentally expectations are for larger feedlot show lists this week due to carryover cattle. There is also pressure from falling wholesale beef prices and uncertainty about Japan. April live cattle down 63 cents at 91-15. March feeders down 88 at 109-75. March Class III milk down 15 cents at 12-01. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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