02/15/06 Iraqis talk to AWB

Marketline February 15, 2006 Wheat futures were lower Tuesday. There is a chance of some precipitation for the dry southern Plains. Joe Victor of Allendale Incorporated also says the Iraqis have been talking to the Australians, that is the AWB. Victor: "Telling you right now folks it does not bode well. It does not smell good. That if we had a quick turn around decision like Iraq has made that they will go ahead and deal with the Australian Wheat Board on this most recent tender they have for a million metric tons, 37 million bushels, it does not look real promising at this time.' Victor notes the Australian government yesterday also raised the estimate of its just harvested wheat crop to over 25 million metric tons, the second largest ever. He says it looks like the Australians are pulling out all the stops to find a home for all that wheat. On Tuesday March Chicago wheat was down ¾ of a cent at 3-47 ¼. March corn down two at 2-18 ¾. Portland cash white wheat steady to three cents higher at mostly 3-49. August new crop 3-63 to 3-70. Club wheat 3-92. HRW 11.5 percent protein lower at 4-63. Dark northern spring 14% protein lower at 5-16. No Portland barley bids. Cattle futures were unchanged to higher Tuesday as traders await developments in the cash market. Firmer boxed beef values offered support. April live cattle unchanged at 89-10. March feeders up 65 cents at 108-70. March Class III milk unchanged at 11-55. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.