01/02/06 Weather and 2006

01/02/06 Weather and 2006

Marketline January 2, 2006 Futures exchanges and USDA Market News are closed again today for a holiday. On Friday wheat futures staged a late rally to close mostly higher. March Chicago wheat was up two cents at 3-39 1/4. March corn up 4 3/4 at 2-15 3/4. Portland cash white wheat down a penny at mostly 3-47. Club wheat 3-92. PNW HRW 11.5 percent protein unchanged to higher at 4-64. Dark northern spring 14% protein higher at 5-17. Export barley 100 dollars a ton. One problem area for U.S. winter wheat has been the dryness in the southern Plains. Bryce Anderson, DTN meteorologist sees that problem continuing in the New Year. Anderson: "This is a real problem. I think the fact that not only has it stayed dry but it's gotten so darn warm in the southern Plains and even up into the central Plains is going to be a problematic feature for much of the first quarter of the year 2006." As for livestock, in the wake of the heavy placements in the recent Cattle on Feed Report, USDA analyst Shayle Shagum expects lower fed cattle prices ahead. Shagum: "What we are showing are prices declining in the spring and late in the winter quarter." USDA has forecast an average choice steer price for all of 2006 of $82.25 compared to last years $87. Last Friday cattle futures were mixed. Feb live cattle down three cents at 96-38. March feeders up 75 at 114-72. Feb Class III milk up six cents at 12-91. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report12/30/05 Another long holiday weekend
Next Report01/03/06 Watching for index funds