03/04/05 Wheat futures lower on weak beans

Marketline March 4, 2005 Lower soybeans early in Thursday's session made for a weak tone in wheat futures which closed lower. The weekly export sales report came in at the high end of expectations, but U.S. wheat exports overall are nearly 11% behind last year at this time. Gary Hofer of Gary Hofer Commodities, has details on this week's export subsidy action by the E.U. Hofer: "This week's restitution level is 10 Euros per metric tons, about $13 in U.S. currency on 451, 750 tons of wheat. That is the highest since they restarted their program. Adding that aggressive Euro program to the recent dramatic price run up in U.S. wheat markets, export sales from the U.S. are not likely to expand above recent trendline activity." On Thursday Chicago May wheat was down 2 ½ cents at 3-38. May corn down a penny at 2-18. Portland cash white wheat a penny lower at mostly 3-96. New crop August white wheat lower at 3-85. Club wheat 4-01. PNW HRW 11.5 percent protein lower at 4-28. Dark northern spring 14% protein lower at 5-03. Export barley 107.50 a ton. At auction this week 400-500 pound steers were 112 to 136 at Madras, Oregon, 112 to 138 at Lewiston, Idaho. Seven to eight weight steers 85 to 88 at Madras, 93 to 103 at Lewiston. Plains fed cattle sold at mostly 90 dollars Thursday, up to three-and-a-half dollars higher than last week. Boxed beef was mixed. Cattle futures were on the preliminary injunction on USDA's border rule and a Senate vote yesterday to override the rule. April live cattle up 190 at 88-70. April feeders up 227 at 101-50. April Class III milk down 75 cents at 14-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.