01/26/05 Wheat sale to Iraq confirmed

01/26/05 Wheat sale to Iraq confirmed

Marketline January 26, 2005 Wheat futures closed higher at Chicago Tuesday but were unchanged to lower at Kansas City and Minneapolis. There was some early support on news Iraq had purchased 165-thousand metric tons of U.S. hard red winter wheat, but Gary Hofer of Gary Hofer Commodities says traders had been talking about 300-thousand tons. Hofer: "The market tried hard to look cheerful but in the end could not conceal disappointment. There were a few other export items with the Phillippines taking a few cargoes of U.S. wheat, but just not enough to stir the emotions. The wheat charts show a non-trending picture set in the background of a long term downward slope that has yet to be declared broken. This market is not attracting hot-money right now so it appears we are on our own for at least another few weeks." On Tuesday Chicago March wheat was up 1 3/4 at 2-97. March corn up 1 1/4 at 1-99. Portland cash white wheat steady to a penny higher at mostly 3-93. August new crop 3-65. Club wheat 3-98. PNW HRW 11.5 percent protein 4-30. Dark northern spring 14% protein 5-19. Export barley 96 dollars a ton. At auction this week 4-500 pound steers were 130.50 to 133 at Davenport, Washington, with seven to eight weight steers 94 to 97.50. Another quiet day Tuesday for Plains fed cattle. Boxed beef was weak to lower. Cattle futures were mostly higher on chart support and spreading action. February live cattle up seven cents at 88-77. March feeders up 45 at 100-05. February Class III milk down 4-cents at 15-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report01/25/05 Wheat futures turn lower late
Next Report01/27/05 Wheat looking for direction