02/27/06 A bearish on feed report

02/27/06 A bearish on feed report

Watching weather and exports and a bearish on feed report. I'm Bob Hoff and this is Marketline. Marketline February 27, 2006 Wheat futures were steady to higher Friday. Ryan Kilbrantz at the Minneapolis Grain Exchange says the USDA export sales report was supportive to prices. Kilbrantz: "Export sales for the period February 10 through 16 totaled 510,400 metric tons. We were thinking they were going to be anywhere between 400 and 600-thousand tons. Major destinations include, Mexico, Japan and Egypt." Egypt did tender last Thursday but it purchased 240-thousand tons of wheat from France and none from the U.S. Uncertainty about Iraqi wheat purchases also kept traders cautious. There was some precipitation in the forecast for the dry southern Plains for the weekend but only about ten percent coverage was expected. On Friday May Chicago wheat was up 2 ½ cents at 3-80. May corn up a nickel at 2-38 ¾. Portland cash white wheat steady to a penny higher at mostly 3-64. August new crop higher at 3-75 to 3-78. Club wheat 4-05. HRW 11.5 percent protein the only bid is August new crop at 4-97. Spot Dark northern spring 14% protein higher at 5-35. No Portland barley bids. Cattle futures today will be dealing with a bearish Cattle on Feed report issued by USDA Friday afternoon. The on feed inventory was pegged up seven percent from a year ago with January placements up 16 percent. Traders had been anticipating a negative report however and futures were lower Friday. Ahead of the report April live cattle were down 47 cents at 87-dollars. April feeders down 93 at 106-72. April Class III milk unchanged at 10-95. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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