02/10/06 Wheat higher on technicals and funds

Marketline February 10, 2006 Wheat futures closed higher Thursday with Kansas City reaching its highest level for a nearby contract since 2002. USDA's supply and demand report was viewed as a nonevent for wheat. USDA ending stocks for the U.S. were unchanged although world wheat carryout was trimmed by three million tons. In export news Egypt purchased 240-thousand tons of Australian and French wheat, nothing from the U.S. Paul Georgy of Allendale Incorporated, says the focus remains on what the funds are doing. Georgy: "The total interest in wheat, currently we have more open interest in wheat than we actually produce which is telling us we have a lot of speculators in the market right now." On Thursday March Chicago wheat was up 6 ½ cents at 3-63 ¼. March corn up 4 ¼ at 2-25 ½. Portland cash white wheat steady to a penny higher at 3-52. August new crop 3-64 to 3-70. Club wheat 4-02. HRW 11.5 percent protein mixed at 4-92. Dark northern spring 14% protein up a nickel at 5-39. No Portland barley bids. Feedlots continued to hold out against packers Thursday and that helped support futures contracts. Reports Argentina has foot and mouth disease also offered support. April live cattle up 20 cents at 90-15. March feeders up 88 at 108-85. March Class III milk down four cents at 11-86. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.