07/21/06 Possible Iraqi tender helps wheat

Marketline July 21, 2006 Wheat futures had strong gains Thursday with the funds buying. Reports that Iraq would tender for 150-thousand tons of wheat started things off. Traders are also beginning to focus on hot, dry conditions in Europe where the EU this week declined any export subsidies for wheat shipments outside of the European Union. Attention is also being paid to western Australia. The weekly export sales report came in at the high end of trade expectations. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says wheat had strong closes at Chicago and Kansas City. Chiodo: "I would expect there is another up day coming. I see nothing to stand in the way here." On Thursday, September Chicago wheat was up 13 ½ cents at 4-06 ½. September corn was down 2 ¼ at 2-42 ½. Portland cash white wheat one to six cents higher at mostly 3-87. Club wheat 3-90. HRW 11.5 percent protein 13-16 cents higher at mostly 5-40. Dark northern spring 14% protein six to eight higher at 5-87. No Portland barley bids. Cattle futures gave back some of the previous session's gains Thursday. Declining beef values and expectations of a soft cash market contributed to profit taking amid light volume as traders awaited this afternoon's Cattle on Feed report. Aug live cattle down 55 cents at 83-85. Aug feeders down 45 at 115-28. Aug Class III milk down three cents at 11-22. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.