02/16/06  Wheat futures up; cattle down

02/16/06 Wheat futures up; cattle down

Marketline February 16, 2006 After several down days wheat futures posted gains Wednesday. Some market observers credited some late fund buying. Christopher Modoff of R. J. O'Brian at the Chicago Board of Trade, says some private forecasts about the coming cold snap in the Plains may have been a factor. Modoff: "Certainly there is some thought about winterkill for the winter wheat crop. Our forecast doesn't quite go with that but certainly it looked like a couple of the forecasters did get a little bit colder and maybe that was the start that triggered some short covering here in the wheat." There was also mention of ideas India might buy more than 500--thousand tons of wheat in its tender. No news on Iraq. On Wednesday March Chicago wheat was up 4 ¾ cents at 3-52. March corn up 3 ¼ at 2-22. Portland cash white wheat steady to a penny higher at mostly 3-53. August new crop mixed at 3-61 to 3-72. Club wheat 3-96. HRW 11.5 percent protein higher at 4-67. Dark northern spring 14% protein higher at 5-16. No Portland barley bids. USDA reported Wednesday Idaho potato stocks on February 1st were down 13 percent from a year ago, Washington's up ten percent with Oregon spud stocks up 23 percent. Tyson has announced its permanently closing two Nebraska plants and moving the production to its Dakota City complex where a new beef processing addition is being completed. Packer cutbacks generally and lack of cash action pressured cattle futures. April live cattle down 45 cents at 88-65. March feeders down 45 at 108-25. March Class III milk up a penny at 11-56. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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