03/28/05 Grains await planting report

Marketline March 28, 2005 Traders return from their long holiday weekend today and will be looking forward to some major USDA reports due out on Thursday morning. On the last day of trading wheat futures were slightly higher. Gary Hofer of Gary Hofer Commodities, talks about the importance of USDA's upcoming Prospective Plantings and Quarterly Grains Stocks reports. Hofer: "The first look at acreage of various grains to be planted this year is a key statistic that can influence prices, so traders will be wary ahead of those reports, which should keep things more stable at least ahead of Thursday morning. The chart bias for wheat prices in Chicago remains negative but the new week is not likely to produce as much movement as last week unless the report startles the herd." In last Thursday's trading, Chicago May wheat was up 1 3/4 cents at 3-38 ½. May corn down a quarter cent at 2-10 ½. Portland cash white wheat was steady at mostly 3-92. New crop August white wheat 3-95. Club wheat 3-95. PNW HRW 11.5 percent protein higher at 4-23. Dark northern spring 14% protein higher at 4-96. Export barley 101 dollars a ton. The National Cattlemen's Beef Association says Taiwan has confirmed that April 16th is the final date for reopening its borders to U.S. boneless beef under 30 months of age. Back in 2003 Taiwan imported about 19 million metric tons of U.S. beef valued at 76 million dollars. That news and a steady cash market helped futures close higher in the last session. April live cattle were up 95 cents at 88-35. April feeders up 80 at 104-92. April Class III milk up a nickel at 14-55.I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.