02/28/06 Wheat futures higher; cattle mixed

Marketline February 28, 2006 Wheat futures did close higher Monday after being down earlier in the session. Andy Schisler of E-Trade at the Chicago Board of Trade says a change in the weather forecast for the Plains may have helped wheat. Schisler: "At mid-day there wasn't a lot going on in the wheat market but they took some rain out of the forecast and Chicago and Kansas City lit fire." The weekly export inspections report for wheat came in within trade expectations. Today will be first notice day on delivery for March contracts. Some commentators also wonder what the index funds may do on this last day of the month. Spreading bird flu in Europe, India and the Middle East is raising concern again. There is the potential to impact U.S. feed grain exports. On Monday May Chicago wheat was up 5 ¾ cents at 3-85 ¾. May corn up a quarter cent at 2-39. Portland cash white wheat one to three cents higher at mostly 3-65. August new crop mixed at 3-72 to 3-80. Club wheat 4-06. HRW 11.5 percent protein 4-94. Dark northern spring 14% protein 5-43. No Portland barley bids. Cattle futures were mixed Monday in what was described as a surprisingly quiet trade given USDA's bearish Cattle on Feed Report Friday. That report showed the feedlot inventory up seven percent from a year ago. Traders however were focused on rolling from the April contract to June. April live cattle down 20 cents at 86-80. April feeders down seven at 106-65. April Class III milk down two cents at 10-93. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.