02/08/05 Trade readies for USDA report

Marketline February 8, 2005 Wheat futures closed higher Monday despite weekly export inspections coming in below expectations at only 13.1 million bushels. Vic Lespinasse of A.G. Edwards at the Chicago Board of Trade, says Monday was mostly a short covering day. Lespinasse: "We made new contract lows repeatedly last week almost everyday in every pit. The feeling was the market was too short and we were due for a bounce and that is exactly what happened. Wednesday we have a USDA Supply and Demand Report and world production report, so we might see a lightening up of positions ahead of that report on Wednesday morning." On Monday, Chicago March wheat was up 4 3/4 cents at 2-92 ½. March corn up 1 1/4 at 1-96 1/4. Portland cash white wheat steady to a penny lower at mostly 3-89. New crop August white wheat unchanged at 3-62. Club wheat 3-95. PNW HRW 11.5 percent protein higher at 4-24. Dark northern spring 14% protein higher at 5-09. Export barley 99 dollars a ton. The Plains fed cattle trade was quiet Monday while boxed beef posted sharp gains on moderate demand and light offerings. The better wholesale beef trade and ideas of at least a steady cash market this week helped cattle futures close higher. April live cattle up 47 cents at 88-65. March feeders up 57 at 99-85. March Class III milk down 13 cents at 13-67. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.