02/15/05 Iraq tenders for hard white wheat

Marketline February 15, 2005 Wheat futures posted good gains Monday. Wheat got some help from soybeans early in the session on dry weather in Brazil. That moved Chicago March wheat above the 50-day moving average and fund short covering was added to the mix. The weekly export inspections report at just under 16-million bushels was called neutral. Iraq's state grains board is tending for 100-thousand to 150-thousand tons of U.S. hard white wheat. Mark Chiodo of the Slipka Trading at the Minneapolis Grain Exchange, says whether this rally continues depends on continued fund buying. Chiodo: "My suspicion is that they will continue here and basically give everyone a chance to lift hedges on July futures as they run the thing up." On Monday Chicago March wheat was up 7 1/4 cents at 3-01 3/4. March corn up 2 1/4 at 2-dollars and a half cent. Portland cash white wheat steady at mostly 3-93. New crop August white wheat 3-69. Club wheat 3-99. PNW HRW 11.5 percent protein 4-23. Dark northern spring 14% protein 5-04. Export barley 103 dollars a ton. The Plains fed cattle trade was at a standstill Monday. Boxed beef was lower on light to moderate demand and moderate offerings. Live cattle futures were higher with feeder contracts mixed. Short covering was a feature in the live pit. April live cattle up 12 cents at 86-95. March feeders down two at 100-12. March Class III milk down nine cents at 13-75. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.