01/20/06 Iraq talk helps wheat

01/20/06 Iraq talk helps wheat

Marketline January 20, 2006 Wheat futures closed higher Thursday. Technical buying was cited and Ryan Kilbrantz of ADMS at the Minneapolis Grain Exchange, says reports that Iraq may have purchased, or is in line to purchase wheat was a factor. Kilbrantz: "Prices found support from news that Iraq was seeking between 100 and 150-thousand tons optional origin hard milling wheat. That supported prices in Minneapolis, Kansas City and Chicago. Iraq imports nearly 3-mmt of wheat per year." A Pakistani official says his country may import 400 thousand to 500-thousand tons of wheat in 2006 despite expectations of a bumper wheat crop. Thursday's action has some analysts viewing the setback in wheat futures earlier in the week as just a technical correction while the long term trend is higher. On Thursday March Chicago wheat was up four cents at 3-26 ½. March corn down ¾ at 2-05. Portland cash white wheat steady to two cents higher at mostly 3-41. New crop August white wheat 3-53 to 3-60.. Club wheat 3-91. PNW HRW 11.5 percent protein higher at 4-58. Dark northern spring 14% protein higher at 5-15. Export barley 101 dollars a ton. Live cattle futures were slightly higher Thursday with feeder contracts mixed. Lack of cash action on fed cattle restrained the action. Gains were also limited by expectations of a bearish Cattle on Feed Report which USDA will issue this afternoon. Feb live cattle up a nickel at 96-13. March feeders up 50 at 111-70. Feb Class III milk down eight cents at 12-72. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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