01/25/06 Wheat futures up; cattle down

01/25/06 Wheat futures up; cattle down

Marketline January 25, 2006 Wheat futures rebounded Tuesday from Monday's setback. There was some speculative buying. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says renewed weather concerns regarding the southern Plains wheat crop was an underlying fundamental. Chiodo: "There is a Texas agronomist talking about the state will be lucky to harvest 50% of last year's production in Texas based on the dryness they have had down t here. Also fundamentally, more talk about the Ukraine and about how bad things are there. That kind of dried up the selling as much as the light buying pushed the market to the plus side here." On Tuesday March Chicago wheat was up 6 ½ cents at 3-32 ½. March corn up a nickel at 2-13 ¼. Portland cash white wheat one to two cents higher at mostly 3-46. August new crop 3-58 to 3-62. Club wheat 3-96. PNW HRW 11.5 percent protein higher at 4-59. Dark northern spring 14% protein up a nickel at 5-18. Export barley 101 dollars a ton. Cattle futures were mostly lower Tuesday. Spillover from steep losses on lean hog futures got some of the blame as did concerns Japan's latest halt on U.S. beef exports will last a while. Ideas of a cash market top also weighed on contracts. April live cattle down 75 cents at 93-20. March feeders down 32 at 111-45. March Class III milk down eight cents at 12-32. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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