02/13/06 Maybe some wheat tender news

02/13/06 Maybe some wheat tender news

Marketline February 13, 2006 Traders could finally know the results of the Iraqi wheat tender today. Trader expectations are they will buy about 800-thousand tons from either the U.S. or Australia. Given the kickback scandal with Australia the hope is the U.S. will have an edge. Egypt also tendered over the weekend and for the first time in six years so did India. Friday wheat futures were lower. Brian Hoops of Midwest Market Solutions in South Dakota says there was outside pressure on the grains and some profit taking. Hoops: "Most of the session selling pressure came from the inflationary markets as gold was down 14 ½ dollars and silver down 28 cents and the fact we saw some good local selling." Going into the weekend some forecasters had predicted some moisture for the dry southern Plains this week. On Friday March Chicago wheat was down eight cents at 3-55 ¼. March corn down 4 ¼ at 2-21 ¼. Portland cash white wheat steady to two cents lower at mostly 3-48. No bids on August new crop. Club wheat 3-98. HRW 11.5 percent protein lower at 4-80. Dark northern spring 14% protein lower at 5-28. No export barley bids. Cattle futures closed higher Friday. Slightly higher wholesale beef prices along with strong movement contributed to ideas the cash market has found a near term bottom. April live cattle up 45 cents at 90-60. March feeders up 80 cents at 109-65. March Class III milk down 17 at 11-69. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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