05/03/05 Wheat down Monday; Beef trade standstill

Wheat futures closed down in the Mid-West markets after expected freeze damage over the weekend failed to materialize. That speculation had been supporting prices. Weekly export inspections were positive for the market, coming in at over 22 million bushels versus an estimate of between thirteen and eighteen million. Various analysts say that news is good news if the market wants to find long term support. On Monday, Chicago July wheat closed down two and three quarter cents at $3.23. July corn ended the day down four and a half at $2.09. Portland cash white wheat closed down two at mostly $3.95. New crop August white wheat ended the day down three to seven cents at mostly $3.70. Club wheat closed at mostly $3.99. Pacific Northwest Hard Red Winter 11.5 per cent protein closed at mostly 4.11. Dark Northern Spring fourteen per cent protein closed at mostly $5.01. Export barley ended Monday at $104 dollars per ton. Typical was the word used to describe the livestock side, with trading at a standstill Monday. The boxed beef trend showed steady to firm on light to moderate demands and offerings. June live cattle closed down sixty-seven cents at $84.95, while August feeder cattle dropped fifteen cents to 107.95. June Class III milk futures at Chicago ended Monday up twelve cents at 13.52. I'm Andy Patrick filling in for Bob Hoff and that's Marketline on the Northwest Ag Information Network.