01/06/05 White wheat takes a hit

01/06/05 White wheat takes a hit

Marketline January 6, 2005 Wheat futures closed mostly higher Wednesday on a technical bounce, but cash soft white wheat bids at Portland took a hit falling 11 to 13 cents. USDA market news says Portland was catching up to recent losses in Chicago and there was continued disappointment over lack of sizeable export business. Added to that was the news that the 100-thousand tons of white wheat being donated to Sudan will come out of the Emerson Trust, not the market. Gary Hofer of Gary Hofer Commodities, says Portland soft white has now broken to the downside of its trading range. As for Chicago futures; Hofer: "Many chart watchers are holding to the thesis that the lows are already established at $2.82 1/4 by the December contract. Still when new contract lows appear so dramatically it is likely we will see one or two more before a reliable bottom can be identified." On Wednesday Chicago March wheat was up 3 3/4 cents at 2-99 3/4. March corn up a half at 2-01 ½. Portland cash white wheat mostly 3-72. Club wheat 3-77. PNW HRW 11.5 percent protein higher at 4-37. Dark northern spring 14% protein higher at 5-20. Export barley 96 dollars a ton. At auction this week 4-500 pounds steers were 99 to 121 at Jerome, Idaho, with six to seven weight steers 99 to 100.50. The Plains fed cattle trade remained quiet with boxed beef lower on good demand and heavy offerings. Cattle futures were lower on technical factors and contract rolling. Traders are generally expecting a steady cash cattle trade despite this week's weather woes. February live cattle down 107 at 89-40. March feeders down 95 at 98-50. February Class III milk up 35 cents at 14-24. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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