03/15/05  Funds take a breather

03/15/05 Funds take a breather

Marketline March 15, 2005 Wheat futures eased back Monday in somewhat quiet trading as the funds were mostly absent from the action. Gary Hofer of Gary Hofer Commodities, says the weekly export inspections report was a yawner at 13.9 million bushels. Hofer: "There are no big export deals on the stove at present and the U.S. dollar was stronger Monday coming from a six-week low last Friday. The item most effective at making wheat more valuable is consumption and U.S. wheat is a bit expensive in the global markets today. Conclusions for now is that we may be a bit higher than required for supply and demand balances in red wheats and maybe a bit lower than eventually will be seen in white wheat than red. The trend line is still positve in Chicago." On Monday Chicago May wheat was down four cents at 3-54. May corn down 3 3/4 at 2-21. Portland cash white wheat steady to a penny lower at mostly 3-96. New crop August white wheat unchanged at 3-94. Club wheat 4-01. PNW HRW 11.5 percent protein lower at 4-36. Dark northern spring 14% protein lower at 5-11. Export barley 101 dollars a ton. It was the typical quiet Monday for fed cattle in the Plains. Boxed beef was higher on light demand and offerings. Cattle futures were mixed. Traders await this week's cash market developments. There is a Cattle on Feed Report Friday. April live cattle unchanged at 89-10. April feeders up seven cents at 104. April Class III milk unchanged at 14-07. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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