01/11/05 USDA offer for Sudan helps white wheat

Marketline January 11, 2005 Wheat futures closed lower Monday, but late buying in Chicago helped trim losses. Position squaring is expected to be a feature today ahead of several USDA reports tomorrow morning, which includes winter wheat plantings. Gary Hofer of Gary Hofer Commodities, sums up some of the news in the market yesterday. Hofer: "Monday's export loadings report showed 15.1 million bushels shipped last week, well within expectations, adding up to just a touch behind last year's export pace in the same week. Argentina is wrapping up an uneventful harvest showing about 94% in the bin as of last weekend with their wheat crop now projected by the Argentine Wheat Futures Exchange to be 16.35 million tons and larger than the most recent USDA estimates." On Monday Chicago March wheat was down two cents at 3-07 3/4. March corn unchanged at 2-06 3/4. Portland cash white wheat three to four cents higher at mostly 3-88. Club wheat 3-93. USDA is doing a swap for the 1st 100-thousand tons of Emerson Trust soft white wheat for donation to Sudan and the price being offered by USDA is better than expected. PNW HRW 11.5 percent protein lower at 4-44. Dark northern spring 14% protein lower at 5-31. Export barley 97 dollars a ton Cattle futures were sharply higher Monday which puzzled market bears given the operating cutbacks announced by major packers, but boxed beef was sharply higher again climbing over $4 a hundredweight. February live cattle up 162 at 90-55. March feeders up 255 at 101-35. February Class III milk up 46 cents at 14-62. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.