02/10/05 USDA report does little for wheat

Marketline February 10, 2005 Wheat futures were steady to lower Thursday despite what were some friendly numbers in the USDA's monthly report. The USDA boosted export prospects, mostly in hard red wheats, by 25 million bushels, and trimmed U.S. ending stocks by a like amount. Peter Georgantones of Investment Trading Services in Minnesota, says the only thing wheat has going for it is the huge short position of trading funds, which could generate a 25-30 cent rally if those short positions were liquidated. Georgantones: "If you had the catalyst to do it somehow. I don't see the catalyst yet. I don't see China in here buying. No. It's ugly." On Thursday Chicago March wheat was down 1 3/4 cents at 2-90. March corn up a 1/4 cent at 1-95. Portland cash white wheat one to two cents lower at mostly 3-90. New crop August white wheat higher at 3-65. Club wheat 3-96. PNW HRW 11.5 percent protein lower at 4-19. Dark northern spring 14% protein lower at 5-07. Export barley 102 dollars a ton. USDA yesterday announced it would delay that part of its rule regarding Canada that would have allowed imports of beef from cattle over 30 months of age, but young live cattle would still be allowed in come March 7th. At auction this week 400-500 pound steers were 118 to 132 at Jerome, Idaho, with seven to eight weight steers 95 to 100. Generally quiet yesterday in the Plains fed cattle trade. Boxed beef was steady to firm. Cattle futures were lower as traders await cash market developments. April live cattle down 67 cents at 88-12. March feeders up two cents at 100-92. March Class III milk up seven cents at 13-68. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.