02/16/05 Minneapolis leads wheat futures down

02/16/05 Minneapolis leads wheat futures down

Marketline February 16, 2005 Wheat futures were lower Tuesday in a technical turnaround from Monday. Traders say Minneapolis led the way down on liquidation in the March contract as we approach first notice day. Others cited increased cash movement by farmers. Traders took little notice of USDA announcing Iraq had purchased 100-thousand tons of U.S. hard red winter wheat for May delivery. Australia also raised its wheat crop estimate to 20.4 million metric tons. Gary Hofer of Gary Hofer Commodities, assesses where the market's at now. Hofer: "The wheat market has ridden up to present levels on the power of short covering, a notoriously violent but essentially weak factor on which to base trends. The test will be whether Chicago can break back above the highest prices traded in the last couple of days with any kind of energy. Otherwise this looks like one of those precious selling opportunities." On Tuesday Chicago March wheat was down 2 ½ cents at 2-99 1/4. March corn down a half cent at $2. Portland cash white wheat a penny higher at 3-94. New crop August white wheat 3-70. Club wheat 3-99. PNW HRW 11.5 percent protein mixed at 4-20. Dark northern spring 14% protein sharply lower at 4-93. Export barley 103 dollars a ton. At auction this week, 400-500 pound steers were 127 to 128 at Davenport, Washington, with seven to eight weight steers 98.25 to 99.25. The Plains fed cattle trade remained at standstill. Boxed beef was steady on choice, weak on select. Cattle futures were mixed as traders await some developments in the cash fed market. April live cattle up seven cents at 87-02. March feeders up 12 at 100-25. March Class III milk up seven cents at 13-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report02/15/05 Iraq tenders for hard white wheat
Next Report02/17/05 Fund selling continues