02/22/06 Higher wheat and cattle futures

Marketline February 22, 2006 Wheat futures continued higher Tuesday in the first session following a long holiday weekend. Ryan Kilbrantz with ADMIS at the Minneapolis Grain Exchange points to some familiar fundamentals driving prices. Kilbrantz: "Cold temperatures in the central U.S. hard red wheat belt supported prices in heavy volume trade. The talk over winterkill and dry conditions pushed many months to new contract highs. News on the Iraqi tender; the Iraqi Grain Board reported a plan to purchase wheat from Canada, Germany and the U.S. The contracts should be signed next week." India is tendering for up to 500-thousand tons of optional origin wheat but Kilbrantz says expectations are that will all go to Australia. On Tuesday March Chicago wheat was up 4 ½ cents at 3-72 ½. New crop July is at 3-93 ¼. March corn down a half at 2-26. Portland cash white wheat two to three cents higher at mostly 3-63. August new crop higher at 3-73 to 3-79. Club wheat 4-04. No bids for HRW as exporters have ample supplies to meet upcoming vessel commitments. Dark northern spring 14% protein lower at mostly 5-27. No Portland barley bids. Higher boxed beef quotes and oversold conditions helped cattle futures close higher Tuesday. The recent drop in slaughter has forced wholesale beef prices higher but packers are still in the red. April live cattle up 77 cents at 88-47. March feeders up 30 at 107-63. March Class III milk down 20 cents at 10-92. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.