05/27/05 Traders face holiday weekend

Marketline May 27, 2005 Not much excitement is expected in futures trading today as many traders are likely to skip out early for the long Memorial Day Weekend. Wheat futures closed higher Thursday, with help from soybeans, as in general nobody wanted to be short going into the three day weekend. Despite the bearish wheat fundamentals, Gary Hofer of Gary Hofer Commodities, reminds us; Hofer: "The powerful 70-cent rally in late February through early March remains as a billboard for reminding us that wheat can move up even in the face of profound negative fundamental information. So even though the overall picture for wheat supply and demand remains unfriendly, traders are wary of being caught swimming against the current." On Thursday Chicago July wheat was up 7 ½ cents at 3-37 3/4. July corn up 2 1/4 at 2-25. Portland cash white wheat steady to two cents higher at mostly 3-92. New crop August higher at 3-82. Club wheat 3-95. PNW HRW 11.5 percent protein 4-20. Dark northern spring 14% protein 5-13. No export barley bids. Delivered to inland feeding areas 99 dollars a ton. At auction this week, 400-500 pounds steers were 145 to 151 at Madras, Oregon, 130 to 145 at Lewiston, Idaho. Seven to eight weight steers 105 to 113 at Madras, 107 to 120 at Lewiston. Plains fed cattle sold this week for mostly 87 dollars.. Boxed beef was sharply lower. Cattle futures were narrowly mixed in a slow session. June live cattle unchanged at 84-60. Aug feeders down two cents at 110-77. June Class III milk up eight cents at 13-73. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.