02/09/06 KC, Minneapolis wheat leads the way

Wheat futures settled higher on Wednesday. The market was able to rebound from the losses on Tuesday. Brian Hoops of Midwest Market Solutions says Kansas City and Minneapolis rallied to new highs. HOOPS "We opened lower and found some buying interest and turned higher into the close. Technically we were high in both the Minneapolis and Kansas City contracts. Heavy spread volume as traders moved out of the March to the May contracts. Also heavy buying by the funds outright." Kansas City higher for the fifth day in a row gaining 13 3/4 to 4.26 ¾. On Wednesday Chicago March wheat was up 5 at 3.56 ¾. March corn up 3 ¼ at 2.21 ¼. Portland cash white unchanged at 3.50. Club White unchanged at 4.00. Pacific Northwest HRW 11.5 percent protein gained 14 to 4.87. Dark Northern Spring 14 percent protein up 8 at 5.37 Cattle futures closed mostly higher on Wednesday. The April futures contract has fallen about $5 in the last four weeks, which was enough to attract light buying interest. However, the market tone remains defensive and futures are technically weak. April live cattle up.18 to 89.95. March feeders unchanged at 107.97. March Class III milk at Chicago down .14 to 11.90.