01/14/05 Long weekend for traders

01/14/05 Long weekend for traders

Marketline January 14, 2005 Wheat futures were mixed Thursday with Kansas City posting the best gains. Gary Hofer of Gary Hofer Commodities, says that's not surprising given the reduction in hard red winter wheat carryout in this week's USDA report. Hofer: "The trendline for Chicago wheat is flat, although present action is in the upper 1/3 of the range for the last couple of months. The U.S. dollar was weak Wednesday, but there was no follow through Thursday. Today is the day before a three-day market weekend as there are no wheat markets open Monday in observance of Martin Luther King Day. We begin Friday's session without heavy bias either way, but the $3 a bushel level is a key psych point for Chicago wheat." On Thursday Chicago March wheat up a 1/4 cent at 3-07 ½. March corn down a ½ at $2. Portland cash white wheat steady to two cents higher at 3-88. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-46. Dark northern spring 14% protein mixed at 5-29. Export barley 97 dollars a ton. At auction this week 400-500 pound steers 115-130 at Madras, Oregon, 110 to 120 at Idaho Falls. Seven to eight weight steers 94-97 at Madras, 97-104 at Idaho Falls. Just some clean up fed cattle sales yesterday at steady prices. Boxed beef was sharply higher. Cattle futures were mixed. February live cattle down 87 cents at 91-17. March feeders up two at 102-40. February Class III milk up 20 cents at 15-25. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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