03/18/05 Wheat futures continue to rise

Wheat futures posted gains again on Thursday. Chicago May wheat was up 5 ½ to 3.66 ½. Kansas City and Minneapolis had gains of 2 ¾ and 1 ¼ respectively. Bill Mendenhall of AgriSource says the market is up at a time when the fundamentals say it shouldn't be. So what's happening? MENDENHALL "Fund managers, huge fund managers now have decided that the commodities are not priced up high enough compared to energies, oils etc., so they've transferred a lot of money into the futures, I mean billions." May corn 2.23 ½ off 2 Portland cash white 3.97. August new crop 3.97 Club White 4.02 Pacific Northwest HRW 11.5 percent protein 4.36 Dark Northern Spring 14 percent protein 5.07 At auction in Madras, Oregon, 400-500 pound steers, 115-130, 700-800 steers 95-105. At Lewiston, Idaho, 4-500 steers 115-140, 7-800 steers 95-108. April live cattle down 1.20 to 88.47 April feeders lost .27 to close at 103.75 April Class III milk at Chicago up .15 to 14.35