02/02/06 Wheat and cattle futures lower

02/02/06 Wheat and cattle futures lower

Marketline February 2, 2006 Wheat futures were lower again Wednesday. Traders fear the U.S. may get only a small share of the pending Iraqi business. Peter Georgantones of Investment Trading Services at Minneapolis, believes Wednesday's action was mostly profit taking. Georgantones: "A little bit of profit taking and the row crops were down pretty hard off the opening. Wheat sort of followed suit, though I think it is more just a little profit taking than I think it is things changing here. Still not getting a whole lot of moisture down in that hard red winter wheat belt. With that I don't think they will be able to break the market too hard as long as the Plains are still not scheduled to get rain for the next 10-12 days." The weekly USDA export sales report will be out this morning. On Wednesday March Chicago wheat was down 4 cents at 3-39 ¼. March corn down 2 ¼ at 2-16 ½. Portland cash white wheat down two cents at mostly 3-45. August new crop 3-55 to 3-63. Club wheat 3-95. PNW HRW 11.5 percent protein lower at 4-61. Dark northern spring 14% protein lower at 5-19. Export barley 103 dollars a ton. Cattle futures were lower Wednesday with live contracts hitting nine-week lows. Technical weakness was cited and there are expectations that cash fed cattle will sell lower again this week after dropping about two bucks last week. April live cattle down 65 at 90-93. March feeders down 55 at 109-28. March Class III milk down at penny at 12-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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