03/07/06 Weather and exports news negative wheat

Marketline March 7, 2006 Wheat futures closed mostly lower Monday. One negative were reports from an Iraqi Grain Board official who said that Iraq is purchasing only 150-thousand tons of wheat from the U.S. but 500-thousand from Canada. It may also buy some from Germany and Australia. Expectations had been for the U.S. to get a much larger share of the Iraqi business. Andy Schisler with E-Hedger at the Chicago Board of Trade, says wet forecasts for the Plains also pressured wheat. Schisler: "Looking at several chances of rain over the next four to five days. They actually moved some of the weather further south at mid-day which is a little more bearish for the wheat. Funds came in here as huge sellers in all markets." On Monday, May Chicago wheat was down a nickel at 3-80. May corn down 6 ¾ at 2-32 ¾. Portland cash white wheat steady to two cents lower at mostly 3-69. August new crop lower at 3-73 to 3-79. Club wheat 4-10. HRW 11.5 percent protein lower at 4-82, Dark northern spring 14% protein lower at 5-38. No Portland barley bids. Cattle futures were lower Monday despite indicators of already oversold conditions. Contracts are at their lowest level in six months with pressure from declining boxed beef values and lower cash cattle last week. April live cattle down 32 cents at 85-70. April feeders down a dime at 106-95. April Class III milk up a penny at 10-91. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.