09/27/06 Wheat futures up on Iraq talk

Wheat futures posted strong gains Tuesday. There was speculative buying generated from continuing concerns about dryness in Australia and Argentina. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says that with the U.S. visit of Iraqi grain officials there continues to be talk of U.S. wheat sales as well. Chiodo: "People guessing anywhere from 300-thousand to 750-thousand tons of business with them. But nothing is announced or official yet. Finally their ag minister came out and said they cannot confirm or make anything official until they get back to Iraq to get final approval from his people there. I suspect there is some stuff in the works as they hinted, but there is nothing official at this point." On Tuesday December Chicago wheat was up 9 ¼ cents at 4-23. December corn up 4 ¼ at 2-59. Portland cash soft white wheat two to four cents higher at mostly 4-37. Club wheat 4-72. HRW 11.5 percent protein seven to nine cents higher at 5-40. Dark northern spring 14% protein eight to 18 higher at mostly 5-47. Live cattle futures were higher Tuesday with feeder contracts mostly lower. Live contracts got support from higher boxed beef prices contributing to ideas this week's cash trade will remain firm. Feeders saw a low volume trade. Dec live cattle up 27 cents at 90-27. Nov feeders down 22 at 113-27. Nov Class III milk down four cents at 12-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.