03/23/06 Wheat sale to Iraq

03/23/06 Wheat sale to Iraq

Marketline March 23, 2006 Wheat futures were mixed Wednesday with the hard red wheat contracts showing the most strength. Joe Victor of Allendale Incorporated says the USDA did announce yesterday that Iraq had purchased 100-thousand tons of U.S. hard red winter wheat. He puts that in context. Victor: "Essentially that is almost a cancel-replace after Iraq announced last week that it had cancelled a 102-thousand tons of U.S. wheat. So apparently coming back in on some lower prices doing some bargain basement shopping here going into the spring time." Traders are still focused on Central Plains weather which is expected to be mostly dry the rest of this week but another system could bring moisture early next week. On Wednesday May Chicago wheat was down 3 ¼ cents at 3-49 ¼. May corn up 5 ¼ at 2-23 ½. Portland cash white wheat for April a penny higher at 3-54. August new crop higher at 3-66. No nearby Club wheat bids. New crop HRW 11.5 percent protein higher at 4-80. Spot Dark northern spring 14% protein higher at 5-24. No barley bids. Despite expectations for firm cash prices this week in the wake of the Plains snow storm cattle futures were lower Wednesday. Analysts say the market remains technically weak and the Cattle on Feed report due out tomorrow afternoon is expected to show increased placements from a year ago. April live cattle down fifty cents at 82-97. April feeders down 115 at 105-83. April Class III milk up four cents at 10-89. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
Previous Report03/22/06 Wheat futures stabilize
Next Report03/24/06 Weather pressures wheat futures