02/24/06 Wheat needs news; cattle get a report

02/24/06 Wheat needs news; cattle get a report

Wheat looking for news; cattle get on feed report. I'm Bob Hoff and this is Marketline. Marketline February 24, 2006 Wheat futures were mostly unchanged to higher Thursday. Market participants said there was generally a lack of news for wheat. Traders will get the weekly export sales report this morning. As for the southern Plains hard red winter wheat crop, here is USDA meteorologist Brad Rippey's latest assessment. Rippey: "It is still a very drought weakened and drought stressed crop down there and we are getting almost to the point of no return with dry weather forecast down there for the next couple of weeks." On Thursday March Chicago wheat was up ¾ of a cent at 3-66 ¼. March corn up 1 ½ cents at 2-23. Portland cash white wheat a penny higher at mostly 3-63. August new crop 3-73 to 3-77. Club wheat 4-04. Only new crop bids for HRW 11.5 percent protein at 4-97. Spot Dark northern spring 14% protein higher at 5-36. No barley bids. USDA announced 2006 crop loan rates for pulses Thursday. The West Region dry pea loan rate is $6.63 a hundredweight. The West Region lentil loan rate is $12.76 a hundredweight and small chickpeas have a national rate of $7.43. Cattle futures were mostly lower again Thursday hitting five months lows. Lack of cash market action and expectations of a bearish Cattle on Feed report this afternoon again weighed on the market. April live cattle down 73 cents at 87-47. March feeders down 95 at 106-95. March Class III milk down 12 cents at 10-98. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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