04/14/05 Wheat grinds lower

04/14/05 Wheat grinds lower

Marketline April 14, 2005 Wheat futures slipped mostly lower again Wednesday, though Minneapolis contracts were mixed. Analysts and traders say there was little fundamental news for the market and there was light fund selling. There is beginning to be some talk about dry seeding conditions in Australia. U.S. and Australian weather officials have differing views on El Nino. U.S. government weather forecasters see El Nino fading away. In Australia they think it will influence the weather. In the U.S. wheat conditions generally remain favorable. Some Iraqi wheat buyers are in the United States on a U.S. Wheat Associates hosted trip. They are in Washington D.C. for a few days and then go to Kansas State University for a two-week wheat purchasing course. This morning the traders get the weekly USDA export sales report. On Wednesday Chicago May wheat was down a half cent at 3-10 ½. May corn down a penny at 2-05 3/4. Portland cash white wheat one to two cents lower at mostly 3-91. New crop August white wheat 3-74. Club wheat 3-95. PNW HRW 11.5 percent protein 4-01. Dark northern spring 14% protein 4-79. Export barley 104 dollars a ton. At auction this week 400-500 pound steers were 137 at Klamath Falls, 131 to 145 at Jerome, Idaho. Seven to eight weight steers 117.50 at Klamath, 105 to 113 at Jerome. There were some dressed based fed cattle sold in the Plains yesterday two to three dollars higher than last week, but not enough to a market test. Boxed beef was firm. Cattle futures were mixed. June live cattle down 40 cents at 84-27. May feeders down 35 at 105-80. May Class III milk down 22 cents at 14-39. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report04/13/05 Crop ratings pressure wheat
Next Report04/15/05 Higher dollar weakens commodities