02/21/06 Traders return from long weekend

Marketline February 21, 2006 Futures exchanges reopen this morning after a three-day holiday weekend. Wheat futures were higher at the close Friday on concern about potential winterkill in the Plains wheat belt and hopes regarding U.S. wheat sales to Iraq. Rich Nelson of Allendale Incorporated says last weeks USDA Outlook Forum projected total U.S. wheat acreage this year will be up about 800-thousand acres from 2005. Nelson: "Once you get down to their supply demand numbers though the bottom line ending stocks they forecast not to change very much at all. The current old crop estimate is 542 million bushels for ending stocks. They have 543 million bushels plugged in for new crop. So, little change far as that goes." On Friday March Chicago wheat was up nine cents at 3-68. March corn up three at 2-26 ½. Portland cash white wheat up three to four cents at mostly 3-58. August new crop higher at 3-68 to 3-76. Club wheat 4-03. HRW 11.5 percent protein higher at 4-81. Dark northern spring 14% protein higher at 5-31. No barley bids. Cattle futures were lower Friday falling to their lowest levels since late September. The market was pressured by the standoff between packers and feedlots and a reduction in slaughter. April live cattle down 90 cents at 87-70. March feeders down 102 at 107-33. March Class III milk down 35 cents at 11-12. That was ahead of the USDA reporting January milk production in the major producing states was up 5.4% from January of 2005. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.