02/06/06 Fund still dominate grains

02/06/06 Fund still dominate grains

Marketline February 6, 2006 Wheat futures shot higher again Friday. And while dry weather in the southern Plains and hopes regarding Iraq have been positive, Joe Vidora of F.C. Stone at the Chicago Board of Trade, says it is still the funds running the show. Vidora: "There is not much we can really say except to say that it was funds that bought it and maintained it. We will come on Monday and see if the funds will be here to maintain it again. But again fund buying is overshadowing every fundamental in the book. All you can do is sit back and say I can't trade it. If I am a fundamentalist you gotta say "ugh" I just can't trade." On Friday March Chicago wheat was up 9 ¼ cents at 3-56 ½. March corn up 4 ¾ at 2-25 ¼. USDA Market news says Portland white wheat has not benefited as much from the futures action because of congestion in loading export vessels due to all the rain. But Portland cash white wheat was steady to two cents higher at mostly 3-47. August new crop 3-58 to 3-63. Club wheat 3-97. PNW HRW 11.5 percent protein higher at 4-74. Dark northern spring 14% protein higher at 5-32. Export barley 102 dollars a ton. Cash cattle market watchers think packers will try to trim another dollar off fed cattle this week. Last week's lower prices along with declining boxed beef values had contracts down sharply on the week. Friday April live cattle down 55 cents at 89-85. March feeders down 88 at 107-83. March Class III milk up six cents at 12-07. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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