02/11/05 A positive day for wheat futures

Marketline February 11, 2005 A weekly export sales report that came in above trade expectations at 473-thousand ton helped wheat futures close higher Thursday. The E.U. also kept its export subsidy low this week. Gary Hofer of Gary Hofer Commodities, says wheat also benefitted from corn and soybeans. Hofer: "The commodity markets in general appear to be at a transition. For wheat the big trading funds that have been carrying large net sold positions, the profit taking time may be at hand pushing the crowd to buy back what they sold before. This kind of move often lasts several days or a week, and can take prices up ten to 20-cents a bushel without other factors in the balance. If another idea shows up in the stream, we might see some strong upward motion. At least for a few days." On Thursday Chicago March wheat was up 6 1/4 at 2-96 1/4. March corn up 3 1/4 at 1-98 1/4. Portland cash white wheat three to five cents higher at mostly 3-95. New crop August white wheat 3-69. Club wheat 4-01. PNW HRW 11.5 percent protein mixed at 4-22. Dark northern spring 14% protein steady to lower at 5-07. Export barley 103 dollars a ton. At auction this week 400-500 pound steers were 120 to 126 at Madras, Oregon, 110 to 130 at Lewiston, Idaho. Seven to eight weight steers 92 to 98 at Madras, 95 to 100 at Lewiston. Plains fed cattle saw a moderate to active trade yesterday at generally 90 dollars, a dollar lower than last week. Boxed beef was firm. Fund selling pressured cattle futures. April live cattle down 140 at 86-72. March feeders down 132 at 99-60. March Class III milk up 12 cents at 13-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.