brewster

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    Looks like Wednesday for the Iraq contract.

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    Wheat Market Recap Report for 2/6/2006
    March Wheat finished down 1 1/2 at 355, 5 off the high and 2 up from the low. May Wheat closed down 2 at 365 3/4. This was 3/4 up from the low and 5 off the high.

    March and May contracts closed lower but had an inside trading day. Kansas City wheat managed to close higher and posted new contract highs. The failure to find more buying interest after the higher opening helped trigger the sell-off to lower on the day into the mid-session. The Iraq tender scheduled for the weekend was shifted to Wednesday and other export news was quiet except for news that Jordan is tendering for 100,000 tonnes of optional origin wheat. With GSM credits, traders are hopeful that the US will get some of this business. A lack of rain in the forecast for the southern plains combined with news that colder weather is moving into the region by late this week helped to provide underlying support; especially for Kansas City Wheat. For the weekly export inspections, wheat exports came in at 25.15 million bushels as compared with trade expectations at 18-23 million bushels. Cumulative shipments for the marketing year have reached 70.1% of the USDA forecast for the season as compared with 69.4% on average for this time of the year. For Thursday's USDA Supply/demand update, traders are looking for wheat ending stocks to come in near 536 million bushels (range 517-542) as compared with 542 as the January USDA forecast. March wheat support comes in at 354 3/4 and 350 with resistance at 358 1/2 and 361 1/2.

    March Oats closed down 1/4 at 201 3/4. This was 2 3/4 up from the low and 1 off the high.

 
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