05/11/05 Weather yo-yo

05/11/05 Weather yo-yo

Marketline May 11, 2005 Wheat futures which were down Monday due to rain in the forecast for the southern Plains, were up Tuesday because new forecasts reduced the chance of rain for some of the driest areas of the hard red winter wheat belt. USDA's national winter wheat ratings also dropped four points from last week. Gary Hofer of Gary Hofer Commodities, says it all prompted some fund buying. Hofer: "Wheat was positive Tuesday all by itself without any help from corn or soybeans. Perhaps this is a sign of things to come but it is prudent to remember that red wheat is nearing harvest in the southern belt and at present crop health is quite a bit better than last year. Either a price turning, or go ahead point, is likely close by." Tomorrow USDA issues its first estimate of U.S. winter wheat production. On Tuesday Chicago July wheat was up eight cents at 3-21 ½. July corn up a half at 2-08 1/4. Portland cash white wheat steady at mostly 3-95. New crop August 3-74. Club wheat $4. PNW HRW 11.5 percent protein higher at 4-06. Dark northern spring 14% protein higher at 4-93. Export barley 104 dollars a ton. At auction this week 500-600 pounds steers were 124.75 to 125 at Davenport, Washington, six to seven weight steers 117.50 to 118. The fed cattle trade remained quiet. Boxed beef was sharply lower on good demand and heavy offerings. There were some new highs across the board in feeder contracts Tuesday due to strong replacement demand and the continued closure of the Canadian border. June live cattle up 70 cents at 86-10. Aug feeders up 77 at 110-82. June Class III milk down four cents at 13-27. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report05/10/05 Weather forecast drops wheat futures
Next Report05/12/05 Major report day for market