01/17/06 Egypt ignores U.S. wheat again

01/17/06 Egypt ignores U.S. wheat again

Marketline January 17, 2006 Futures traders return from a long holiday weekend today. Over that weekend Egypt purchased 300-thousand tons of wheat for late February shipment but they bought it from France, Australia and Russia. Again no U.S. wheat. Brian Hoops of Midwest Market Solutions in South Dakota says were are in a time of year when U.S. wheat exports could slow down. Hoops: "And from January forward it starts to slow down as Australia's and Argentina's crops become available and the world's needs shift to those two countries rather than the U.S. and I think the exports will start to slow down as we get through the next several months." In the last trading session Friday wheat futures were higher as contracts got continued support from USDA's winter wheat plantings report and the dry conditions for the southern Plains hard red winter wheat crop. March Chicago wheat was up 1 ½ cents at 3-34 ¾. March corn up ¾ at 2-13 ½. Portland cash white wheat steady at 3-44. New crop August white wheat 3-58. Club wheat 3-90. PNW HRW 11.5 percent protein unchanged at 4-56. Dark northern spring 14% protein up a penny at 5-14. Export barley 101 dollars a ton. Cattle futures were mixed Friday. Futures were supported late in the week on a firm cash trade and news South Korea would take U.S. boneless beef from cattle under 30 months of age. Feb live cattle up 45 cents at 95-58. March feeders down 13 at 111-97. Feb Class III milk down a dime at 12-78. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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