01/25/05 Wheat futures turn  lower late

01/25/05 Wheat futures turn lower late

Marketline January 25, 2005 Wheat futures closed unchanged to lower Monday after getting a firm start from a good export sales report. The delayed weekly export sales report showed sales above expectations at 452-thousand metric tons, but Gary Hofer of Gary Hofer Commodities, says there was no market power to push prices more than a few cents higher, and then they faded. Hofer: "The outlook for wheat sales is tough with stuff for sale all over the world. The tone of the wheat markets seems set on range bound at least until the seasonal tendency for prices to drop into February is over with. The fact that white wheat prices are holding on in such a dismal environment is a sign of life." On Monday Chicago March wheat was down a half cent at 2-95 1/4. March corn up 3/4 at 1-97 3/4. Portland cash white wheat one to two cents higher at mostly 3-92. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-31. Dark northern spring 14% protein unchanged at mostly 5-17. Export barley 96 dollars a ton. The Plains fed cattle trade was at a standstill Monday. Feedlot showlists are believed to be larger this week. Boxed beef was lower to sharply lower on light to moderate demand and moderate to heavy offerings. Cattle futures were mostly lower. Analysts said Friday's Cattle on Feed report was bearish with higher placements and fewer marketings during December than the trade had anticipated. February live cattle down 57 cents at 88-70. March feeders down 165 at 99-60. February Class III milk down 13 cents at 15-92. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report01/24/05 Traders await export report
Next Report01/26/05 Wheat sale to Iraq confirmed