05/18/05 Market focuses on dry Kansas

05/18/05 Market focuses on dry Kansas

Marketline May 18, 2005 Wheat futures posted more gains Tuesday as concerns increased about yield losses for hard red winter wheat due to warm dry forecasts especially across Kansas. Gary Hofer of Gary Hofer Commodities, says the market was up despite some negative news about Egypt. Hofer: "Egypt bought 200-thousand tons of Russian wheat overnight Monday. That is not a shock to the trade but mildly disappointing anyway. Lack of ability to capture non-routine export sales has been prevalent in wheat for some time now as the U.S. dollar has been trending upward for the calendar year-to-date. The trend is still downward for wheat but technical factors and moving averages are flattening out which may produce a change for positive if only for a short term." On Tuesday Chicago July wheat was up 3 3/4 cents at 3-10. July corn up a half at 2-07 ½. Portland cash white wheat steady to a penny higher, mostly 3-88. New crop August 3-68. Club wheat 3-93. PNW HRW 11.5 percent protein higher at $4. Dark northern spring 14% protein higher at 4-91. Export barley 104 dollars a ton. At auction this week, 400-500 pound steers were 145 at Davenport, Washington, with seven to eight weight steers 105 to 112. The Plains fed cattle trade was quiet with boxed beef called firm. Most cattle futures set more new highs yesterday. June live cattle up 12 cents at 87-07. Aug feeders up 35 at 113-17. June Class III milk down eight cents at 14-08. After the close USDA reported milk production in April was up 3.2% over April a year ago. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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