05/04/05 Tuesday trend ... lower

05/04/05 Tuesday trend ... lower

It was lower on Tuesday. That was the theme, anyway. Wheat, corn and soybeans all closed lower. Both Minneapolis and Kansas City wheat futures were off at least six cents. Chicago July wheat was down 5 ½ to 3.17 ¾. July corn lost .04 to 2.05. One key point of interest today is how the commodity markets will react to the Federal Reserve's decision to move a key interest rate up a quarter of a point to three per cent. On Tuesday, Portland cash white closed the day at 3.95, August new crop closed at 3.72, Club White wheat ended the day Tuesday at 3.98, Pacific Northwest HRW 11.5 percent protein finished the day at 4.08, Dark Northern Spring 14 percent protein closed Tuesday at 4.94 At auction in Davenport, Washington, 700-800 pound steers closed the day at 106-112.Cattle futures closed with decent gains where feeder pit contracts advanced with triple digits. Beef cutouts closed mixed, with light to moderate movement. June live cattle was up .45 Tuesday to 85.40. August feeders closed the day up 1.62 at 109.57, and June Class III milk at Chicago was up three cents yesterday, closing at 13.55. I'm Andy Patrick in for Bob Hoff, that's Marketline on the Northwest Ag Information Network.
Previous Report05/03/05 Wheat down Monday; Beef trade standstill
Next Report05/05/05 Egypt buys some white wheat