03/10/05 New USDA numbers today

03/10/05 New USDA numbers today

Marketline March 10, 2005 Wheat futures posted gains Wednesday amid more speculative buying. A lower dollar and the rise in an important commodity index, driven by higher oil, is benefitting wheat. Gary Hofer of Gary Hofer Commodities, says traders were also anticipating this mornings monthly USDA supply and demand report. Hofer: "The trade is looking for smaller carryover wheat numbers based on better than expected exports, although the total to date continues to lag last year. The funds were light buyers in Chicago. Overall the wheat market is in an uneasy up trend with lots of doubt mixed in. Thursday's trade will take its first cue from USDA . After the first hour on that we will need something new for a driver." On Wednesday Chicago May wheat was up 3 ½ cents at 3-40 3/4. May corn up two at 2-16 1/4. Portland cash white wheat steady to a penny higher at mostly 3-95. New crop August white wheat higher at 3-88. Club wheat $4. PNW HRW 11.5 percent protein 4-30. Dark northern spring 14% protein higher at 5-06. Export barley 102 dollars a ton. At auction this week, 400-500 pound steers were 127 to 132 at Klamath Falls, 122 to 137.50 at Jerome, Idaho. Plains fed cattle sold four dollars higher than last week on a live basis at 93 to 94 dollars although the southern Plains was quiet. Boxed beef was higher again on good demand. Cattle futures saw triple digit gains on the cash market action with feeder contracts hitting new highs.. April live cattle up 220 at 91-45. April feeders up 212 at 105-67. April Class III milk down four cents at 13-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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