02/07/06 Wheat and cattle futures mixed

02/07/06 Wheat and cattle futures mixed

Marketline February 7, 2006 Wheat futures were lower at Chicago and Minneapolis Monday but higher at Kansas City where new contract highs were set. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says there were some familiar reasons behind the strength at KC. Hoops: "Supporting wheat were a winterkill threat for February 10-11th and news that Iraq is still interested in U.S. wheat per an announcement from one of their ag ministers." Word now is Iraq may announce results of that million ton optional origin tender on Wednesday. Thursday morning USDA updates supply and demand numbers. On Monday March Chicago wheat was down 1 ½ cents at 3-55. March corn down 2 ½ at 2-22 ¾. Portland cash white wheat steady to two cents higher at mostly 3-48. August new crop higher at 3-60 to 3-67. Club wheat 3-98. PNW HRW 11.5 percent protein higher at 4-78. Dark northern spring 14% protein down a penny at 5-31. Export barley 102 dollars a ton. Cattle futures were mixed Monday. The cash fed market tone remains weak with boxed beef prices down about $5 since the end of January. Positioning for delivery notice and contract rolling were also features in futures. April live cattle up three cents at 89-88. March feeders up 40 at 109-20. March Class III milk down nine cents at 11-98. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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