02/07/05 More new wheat lows

02/07/05 More new wheat lows

Marketline February 7, 2005 Several wheat futures contracts set new lows Friday in low volume trading. Weakness in soybeans also pressured wheat in Chicago. Traders continue to see ample world supplies of wheat with stiff competition for exports. Gary Hofer of Gary Hofer Commodities says that while the price trend in Chicago is negative, white wheat is hanging tough. Hofer: " With over a dollar premium over soft red it seems unlikely that soft white will take any sales away from that wheat, unless buyers want white wheat and only white wheat. There are a few such. So, steady is the call for white, but if the Midwestern grains continue to erode the effect will be felt in the PNW. This not a good time to be holding on to cash wheat for better prices unless one has a lot of patience and can afford some risk.' On Friday Chicago March wheat was down two cents at 3-87 3/4. March corn unchanged at 1-95. Portland cash white wheat steady at 3-90. New crop August white wheat 3-62. Club wheat 3-96. PNW HRW 11.5 percent protein lower at 4-20. Dark northern spring 14% protein mostly 5-07. Export barley 99 dollars a ton. A Japanese agricultural official said Friday the death of a Japanese man due to the human form of mad cow disease will not alter discussions with the U.S. about reopening beef trade. Japan is supposed to make a decision on U.S. age verification of cattle this week. Boxed beef was called steady Friday. Cattle futures continued to trend lower as the trade anticipates the reopening of the U.S. border to Canadian cattle. April live cattle were down seven cents at 88-17. March feeders down 52 at 99-27. March Class III milk down 11 cents at 13-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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