02/09/05 New USDA supply and demand numbers

Marketline February 9, 2005 Wheat futures closed lower at Chicago and Kansas City Tuesday, mixed at Minneapolis. Traders and analysts are awaiting this morning's USDA supply and demand report and world production and supply numbers. Gary Hofer of Gary Hofer Commodities, says nobody is really expecting any surprises for wheat. Hofer: "As the southern hemisphere harvest is about done and no new demand has come out to play. We'll have to back to watching the fund "bobber" for a bite as short covering is about the only game in town. The trend is sideways to lower for wheat." On Tuesday Chicago March wheat was down 3/4 of a cent at 2-91 3/4. March corn down 1 ½ at 1-94 3/4. Portland cash white wheat one to two cents higher at mostly 3-91. New crop August white wheat 3-64. Club wheat 3-97. PNW HRW 11.5 percent protein higher at 4-23. Dark northern spring 14% protein 5-10. Export barley higher at 101 dollars a ton. At auction this week, 400-500 pound steers were 135 to 139.50 at Davenport, Washington, with seven to eight weight steers 95 to100. The Plains fed cattle trade remained quiet Tuesday, but boxed beef was sharply higher again, up over two dollars a hundredweight. The better beef trade, some wintery weather and news Japanese experts accepted the U.S. proposal on cattle age verification, another step in the process toward reopening the Japanese market, were good for cattle futures. April live cattle up 15 cents at 88-80. March feeders up 105 at 100-90. March Class III milk down six cents at 13-61. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.