03/29/06 Slight gains for wheat

Marketline March 29, 2006 Wheat futures posted gains Tuesday despite some improved crop condition ratings on some key Plains winter wheat states. There was more news about recent Iraqi wheat purchases. Ryan Kilbrantz of ADMS at the Minneapolis Grain Exchange says Iraq completed its tender from January which included a total purchase of 450-thousand tons of wheat from U.S. firms and 500-thousand from Australia. U.S. Wheat Associates says the Australian wheat is being sold by an entity other than the Wheat Board. Kilbrantz offers his short term outlook. Kilbrantz: "I would expect improving conditions in the U.S. along with select fund liquidation to hamper prices but look for some position squaring and light volume ahead of Friday's USDA Plantings Intention report." On Tuesday May Chicago wheat was up 1 ½ cents at 3-41 ¼. May corn up a half at 2-22 ¼. April Portland cash white wheat generally steady at mostly 3-55. August new crop unchanged to lower at 3-66. Club wheat 3-55. HRW 11.5 percent protein higher at 4-57. Dark northern spring 14% protein higher at 5-23. No Portland barley bids Live cattle futures closed lower Tuesday continuing to set new contract lows while feeder contracts were mixed getting some support from firm cash feeder markets. Live contracts are suffering from the outlook for larger fed cattle numbers and lower cash prices through spring into summer. June live cattle down 68 cents at 75-40. May feeders up 20 at 104-38. May Class III milk down a dime at 10-72. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.