03/03/05 Funds buy wheat again

Marketline March 3, 2005 Wheat futures posted gains Wednesday as the funds returned as buyers. And that speculative buying was inspired by action in the soybean pit as there continues to be a lack of fundamental news for wheat. Gary Hofer of Gary Hofer Commodities, has more on that. Hofer: "Overall the wheat market is riding on the soybeans, which have gained $1.25 per bushel since the first week of February on dry conditions in Brazilian bean country and the threat of Asian Rust disease in the U.S. this spring. The next fundamental announcement that may have the strength to move the wheat market will come on Thursday, March 10th, when USDA issues reports. Until then we will continue to hang on to chart patterns and row crop prices." On Wednesday Chicago May wheat was up 2 1/4 cents at 3-40 ½. May corn down 1/4 at 2-19. Portland cash white wheat steady to a penny higher at mostly 3-97. New crop August white wheat higher at 3-87. Club wheat 4-02. PNW HRW 11.5 percent protein 4-32. Dark northern spring 14% protein higher at 5-08. Export barley 107.50 a ton. The Plains fed cattle trade remained at a standstill Wednesday. Boxed beef was mixed. Cattle futures were higher with buying noted after a Montana federal court judge granted a preliminary injunction to delay reopening of the border with Canada to live cattle. One trader noted demand doesn't change with a court ruling. April live cattle up 30 cents at 86-80. April feeders up 35 at 99-22. April Class III milk down 75 cents at 14-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.