02/17/06 Weather helps wheat; standoff in catle

Marketline February 17, 2006 Wheat futures posted strong gains Thursday. Christopher Modoff with R. J. O'Brian at the Chicago Board of Trade, says weather continues to be a fundamental factor. Modoff: "Lack of rain in the southern Plains and ideas of cold weather making its way in and putting winterkill back on the front burner again. Certainly I think something with the Iraqi tender might have to do with this as they pushed their tender results all the way back to Sunday. That is leading some traders to think the U.S. might be part of that package again." The Iraqi Grain Board says Australia is barred from selling it wheat until that Australian investigation into Oil for Food kickbacks is completed but Australian officials are going to Iraq to meet with the Grain Board. Traders will have a three-day weekend as exchanges are closed Monday for the President's Day holiday. On Thursday March Chicago wheat was up seven cents at 3-59. March corn up 1 ½ at 2-23 ½. Portland cash white wheat one to two cents higher at mostly 3-56. August new crop 3-65 to 3-72. Club wheat 3-99. HRW 11.5 percent protein higher at 4-76. Dark northern spring 14% protein higher at 5-24. No barley bids at Portland. Cattle futures were mixed Thursday as the market is under pressure from the stand off in the cash fed market. Cattle in the southern Plains haven't actively traded for about two weeks. April live cattle down a nickel at 88-60. March feeders up a dime at 108-35. March Class III milk down nine cents at 11-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.