03/29/05 Wheat futures lower in light trade

Marketline March 29, 2005 Wheat futures posted losses Monday even though the weekly export inspections report came in higher than expected. The U.S. dollar was stronger. Brian Hoops of Midwest Market Solutions says weekend moisture was a factor pressuring prices. Hoops: "Very light activity in the wheat. We did take out last week's lows. Traders wanted to run some stops below those lows and see if anything was for sale down there. Didn't really find much and were able to slightly recover off the lows of the day. We opened lower as we had some weekend rains in the Pacific Northwest as well as the E.U. France and Germany received some rains helping to stabilize their crops. Export news was pretty quiet over the weekend." On Monday Chicago May wheat was down 2 ½ cents at 3-36. May corn up 2 1/4 at 2-12 3/4. Portland cash white wheat was steady at mostly 3-92. New crop August white wheat lower at 3-92. Club wheat 3-95. PNW HRW 11.5 percent protein lower at 4-20. Dark northern spring 14% protein lower at 4-93. Export barley 101 dollars a ton. The Plains fed cattle trade was at its typical early week standstill. Boxed beef was called firm Monday. Cattle futures saw gains with some new highs set. Some analysts noted futures had closed for the holiday weekend last Thursday before all of the cash market news was in and the trade accounted for that in yesterday's action. June live cattle up 90 cents at 85-70. May feeders up 165 at 104-92. May Class III milk down at nickel at 14-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.