03/01/06 Futures and flamingos

Marketline March 1, 2006 Wheat futures put in some new highs during Tuesday's session but ended the day mostly lower. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says wheat is due for a correction anyway. Chiodo: "We have had a pretty good run up in wheat and for it to continue upward it needs to set back a little bit. Some other wheat news, I couldn't confirm it but a news story came out saying India would probably pick up their 500-thousand tons of wheat from Australia. It is getting very warm in the Western Plains and they are still without rain in the southern part so that is on the plus side. Bird flu continues to proliferate globally and it is getting closer to home. They are testing a flock of dead flamingos in the Bahamas here." On Tuesday May Chicago wheat was down 4 ¾ cents at 3-81. May corn up a half cent at 2-28. Portland cash white wheat was generally a penny higher at mostly 3-65. August new crop higher at 3-73 to 3-82. Club wheat 4-10. HRW 11.5 percent protein lower at 4-88. Dark northern spring 14% protein unchanged to lower at 5-43. No barley bids. Cattle futures were higher Tuesday on short covering and spreading activity and the report of those dead flamingos sparked ideas that if bird flu comes to North America beef demand may go up. April live cattle up 42 cents at 87- 22. April feeders up 68 at 107-33. April Class III milk up two cents at 10-95. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.