03/24/05 Wheat futures ignore export news

Marketline March 24, 2005 Wheat futures closed lower Wednesday despite news Egypt purchased 60-thousand tons of U.S. soft white wheat. There were also some small CCC purchases of white wheat for donation to Pakistan and Eritrea. That news offered some support at Portland, but Gary Hofer of Gary Hofer Commodities, says the Fed's action of raising interest rates prompted index fund selling in futures. Hofer: "The short term upward movement in the U.S. Dollar was reinforced pushing the index up 68 ticks on the day, back to mid-February levels and 276 points above recent lows. This wheat market is in at least a short term down trend with that as a background as the market seeks a better balance between fundamental and technical realities." On Wednesday Chicago May wheat was down 7 3/4 cents at 3-36 3/4. May corn down 3 1/4 at 2-10 3/4. Portland cash white wheat down a penny at mostly 3-92. New crop August white wheat lower at 3-95. Club wheat 3-95. PNW HRW 11.5 percent protein lower at 4-19. Dark northern spring 14% protein lower at 4-94. Export barley 101 dollars a ton. At auction this week 400-500 pound steers were 127.50 to 131 at Klamath Falls, 119 to 140 at Jerome, Idaho. Seven to eight weight steers were 94.50 at Klamath, 104 to 107.50 at Jerome. The Plains fed cattle trade remained fairly quiet. Boxed beef was sharply lower on good demand and heavy offerings. Cattle futures closed mostly lower. April live cattle down 22 at 87-40. April feeders down 25 at 104-12. April Class III milk up 15 cents at 14-50. The markets are closed Good Friday. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.