02/14/06 Wheat tumbles on Iraqi`s statement

Marketline February 14, 2006 Wheat futures were sharply lower Monday with Kansas City and Minneapolis posting double digit losses. Chris Modoc with R. J. O' Brian at the Chicago Board of Trade explains why. Modoc: "An Iraqi official coming out and saying that U.S. offers on their recent tender for a million tons of were too high, quote, unquote "too high" and that they would be seeking E.U. and Canadian wheat and certainly that put plenty of pressure on the market. And that's what ending up breaking Kansas City wheat and that spilled into Chicago wheat." The Iraqi Grain Board did say it was going to bar the AWB, in other words Australian wheat, from the Iraqi market until the investigation into charges of kickbacks to Saddam Hussein's regime was completed. On Monday March Chicago wheat was down 7 ¼ cents at 3-48. March corn down a half cent at 2-20 ¾. Portland cash white wheat steady to firm at mostly 3-50. August new crop 3-60 to 3-70. Club wheat 3-95. HRW 11.5 percent protein down 15 cents at 4-65. Dark northern spring 14% protein down a dime at 5-18. No Portland barley bids. Cattle futures were lower Monday too. The low volume of last week's cash fed cattle sales was cited as were concerns about the impact of that east coast snowstorm on beef demand. April live cattle down 140 at 109-25. March feeders down 160 at 108-05. March Class III milk down 14 cents at 11-55. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.