04/25/05 Waiting for some weather news

Marketline April 25, 2005 Wheat futures were mixed Friday getting some pressure from a sell off in soybeans. Gary Hofer of Gary Hofer Commodities, says weather is the one thing that would cause a sharp move in the market, but right now expectations are for a good northern hemisphere wheat harvest. Hofer: "It would take a major threat of some kind to upset that projection. There's no such threat imminent anywhere else right now. Gains in wheat prices do not seem to be on the agenda for now. The trendline for Chicago wheat is still in the context of an overall downward drift. There is downward price risk for white wheat producers as well even though we have become somewhat complacent since last summer in the narrow range. It is time to be aware of market changes when they come. Weather is the dominant factor for short term moves." On Friday Chicago July wheat was down 1 ½ cents at 3-19 1/4. July corn down two at 2-17 ½. Portland cash white wheat steady at mostly 3-93. New crop August 3-72. Club wheat 3-97. PNW HRW 11.5 percent protein 4-07. Dark northern spring 14% protein 4-91. Export barley 104 dollars a ton. DTN analyst John Harrington said Friday's USDA Cattle on Feed Report should be bullish for cattle futures today. USDA pegged the feedlot inventory April 1st at 101% of a year ago, placements last month at 97 percent, the smallest since March of 1998, and marketings in March at 100 percent of a year ago. Ahead of the report cattle futures were higher with June live cattle up 27 at 85-72. Aug feeders up 15 at 107-87. June Class III milk down six cents at 13-59. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.