02/03/05 Wheat futures nearing contract lows

02/03/05 Wheat futures nearing contract lows

The wheat futures market is right back down near contract lows. March wheat futures closed lower by 2-3/4 to four cents per bushel compared to Tuesday`s closes. Wednesday Chicago March wheat was down .04 to 2.88 ¼. Minneapolis May spring wheat futures closed 1-1/2 cents per bushel lower. Now market observers will continue to watch for fresh export business but the competition will continue to limit upside in this market. The end Canadian wheat stocks for 2004 were pegged at 20.9 million metric tons, falling on the high side of estimates. This number and technical selling were noted for the lower trade on Wednesday. Portland cash white 3.90 August new crop white wheat 3.60 Club White 3.96 Dark Northern Spring 14 percent protein 5.07 Pacific Northwest HRW 11.5 percent protein 4.22 Export barley 96 /ton March corn off .02 to 1.95. At auction in Jerome, Idaho, 700-800 pound steers 87-97. Klamath Falls, 400-500 steers 130, 7-800 steers 91.75. Live and feeder cattle futures were mixed on Wednesday. March live cattle gained .10 at 91.10 March feeders down .97 to 99.95. March Class III milk at Chicago was down .23 to 13.70.
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