05/05/05 Egypt buys some white wheat

05/05/05 Egypt buys some white wheat

Marketline May 5, 2005 Good crop condition reports from hard red winter wheat tours in the Plains knocked down an early positive bounce in wheat futures yesterday and contracts closed mixed. Gary Hofer of Gary Hofer Commodities, says the initial bounce was due to Egypt buying two cargoes of U.S. wheat including soft white. Hofer: "Apparently the offers of wheat in response to Egypt's request for quotes was in excess of 800-thousand tons suggesting there is plenty of wheat for sale around the world. This week is expected to be a quiet one anyway with European grain offices as well as Japanese buyers closed for holidays. The funds ended up Wednesday as light net buyers, something around two-thousand contracts in Chicago wheat, not enough to change the market tone." 23 On Wednesday Chicago July wheat was down a half cent at 3-17 1/4. July corn up a penny at 2-06. Portland cash white wheat steady to a penny higher at mostly 3-95. New crop August 3-72. Club wheat $4. PNW HRW 11.5 percent protein 4-04. Dark northern spring 14% protein 4-95. Export barley 104 dollars a ton. At auction this week 500-600 pound steers were 124 to 130 at Jerome, Idaho, seven to eight weight steers 107 to 110. Fed cattle sold $4 lower than last week on a dressed basis in the Plains yesterday. The Southern Plains live trade remained quiet. Boxed beef was lower. Cattle futures were lower in a light trade. June live cattle down 47 cents at 84-92. Aug feeders down 52 at 109-05. June Class III milk down seven cents at 13-48. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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