02/04/05 E.U. news relief for wheat

02/04/05 E.U. news relief for wheat

Marketline February 4, 2005 Wheat futures were mostly higher Thursday getting help from the weekly export sales report and news regarding European Union wheat export subsidy levels. Gary Hofer of Gary Hofer Commodities, says it was a case of " not as bad as we thought." Hofer: "The European Union's Grains Committee awarded only 134-thousand metric tons of export restitutions at lower than expected four-Euro Dollars per ton. After all the outcry about damage to the global wheat price by renewed export subsidies, this came as a relief. U.S. export sales for last week were reported at 710-thousand tons, easily above pre-report talk." On Thursday Chicago March wheat was up 1 1/4 cents at 2-89 3/4. March corn down a 1/4 at 1-95. Portland cash white wheat steady to a penny lower at mostly 3-90. New crop August white wheat unchanged at 3-62. Club wheat 3-96. PNW HRW 11.5 percent protein 4-23. Dark northern spring 14% protein 5-08. Export barley 98 dollars a ton. At auction this week 400-500 pound steers were 133 to 145 at Madras, Oregon, 105 to 130 at Idaho Falls. Seven to eight weight steers 94 to 98 at Madras, 92 to 97 at Idaho Falls. Fed cattle traded in the Plains yesterday up to two dollars higher than last week at 91 dollars. Boxed beef was steady. Tyson says its temporary plant closures and cutbacks will continue through at least next week. Cattle futures were mixed Thursday. April live cattle unchanged at 88-25. March feeders down 15 cents at 99-80. March Class III milk up 21 cents at 13-91. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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