03/16/05 Wheat futures up on more fund buying

Marketline March 16, 2005 Wheat futures posted some double digit gains Tuesday as the funds returned to active buying in the agricultural commodities. Gary Hofer of Gary Hofer Commodities, says Chicago May wheat has now moved up 73 cents from the early February low. He says there's no fundamental reason for this, its capital moving into commodities and the trading funds. Hofer: "As many as 70,000 net contracts of Chicago wheat have been purchased in about 26 trading sessions. Beans and corn have both been helping with beans up 25 cents and corn up seven Tuesday. Import buyers are watching with dismay, but there are willing sellers of wheat waiting in Russia and Australia. The trend is still upward, but this is getting a little spooky." On Tuesday Chicago May wheat was up 14 cents at 3-68. May corn up 7 ½ cents at 2-28 ½. Portland cash white wheat two to six cents higher at mostly 3-98. New crop August white wheat higher at 4-02. Club wheat 4-03. PNW HRW 11.5 percent protein higher at 4-46. Dark northern spring 14% protein higher at 5-17. Export barley 102 dollars a ton. At auction this week 600-700 pound steers were 105 at Davenport, Washington, with seven to eight weights 102.25 to 104. The Plains fed cattle trade remained at a standstill. Boxed beef was firm to higher. Higher cutouts and wintry weather in the southern Plains supported cattle futures which closed higher. April live cattle up 65 cents at 89-75. April feeders up 75 at 104-75. April Class III milk up 13 cents at 14-20. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.