02/01/06 Wheat still awaits Iraqi results

Marketline February 1, 2006 Wheat futures were lower Tuesday. Profit taking was cited. The Australian Wheat Board said it offered a million tons of wheat to Iraq in that current tender and as Peter Georgantones of Investment Trading Services in Minneapolis says, that has created some anxiety among traders over the optional origin tender by Iraq. Georgantones: "Iraq is tendering for another million tons of hard red wheat. And apparently everybody says if Australia gets it we are going to break here. If they do, it is a buying opportunity. The crop is not very good here. Eighty-eight percent of Texas is now very poor to poor condition, which is pretty ugly." There may be some results on that Iraqi tender today. On Tuesday March Chicago wheat was down two cents at 3-43 ¼. March corn up a penny at 2-18 ¾. Portland cash white wheat down three cents at mostly 3-47. August new crop 3-55 to 3-64. Club wheat 3-97. PNW HRW 11.5 percent protein lower at 4-68. Dark northern spring 14% protein down a nickel at 5-23. Export barley 103 dollars a ton. Live cattle futures closed higher with feeder contracts mixed Tuesday. Higher cutout values early in the day provided support and encouraged bargain hunting and short covering. The recent sell off had dropped nearby live cattle to a discount to cash. April live cattle up 43 cents at 91-58. March feeders up eight at 109-83. March Class III milk up 15 cents at 12-16. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.