03/02/05 Wheat futures lower as funds don`t buy

Marketline March 2, 2005 Wheat futures gave back several cents Tuesday. Traders said it was simply that the funds weren't buying like they had been the past two sessions. Gary Hofer of Gary Hofer Commodities, says there was nothing on the fundamental front so profit takers had their day. Hofer: "This may be premature, but the funds could actually reverse again. That group is not known for their loyalty to any given position. Tuesday's price action did not actually alter the positive picture that has built up on the chart, but the market will need more positive news to hold on to current levels. And that has not shown up yet." On Tuesday Chicago May wheat was down seven cents at 3-38 1/4. May corn down 3 ½ at 2-19 1/4. Portland cash white wheat steady at 3-96. New crop August white wheat higher at 3-85. Club wheat 4-01. PNW HRW 11.5 percent protein lower at 4-32. Dark northern spring 14% protein lower at 5-07. Export barley 107 dollars a ton. At auction this week 400-500 pound steers were 129 to 140 at Davenport, Washington, with seven to eight weight steers 96.30 to 98. Plains fed cattle trade was mostly quiet with just a handful of cattle sold in Texas at 87 dollars. Boxed beef was firm to higher. Better beef demand and a belief in steady cash fed prices this week helped cattle futures. April live cattle up 45 cents at 86-50. April feeders up 95 at 98-87. April Class III milk down nine cents at 15-65. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.