01/13/05 Reports are out, wheat rally goes nowhere

Wheat trade didn't get much of a bounce from the USDA stocks report. The winter wheat seedings report was supportive. Total winter wheat acreage was reported at 41.6 million acres versus an average trade guess of 43.2 million acres. Gary Hofer of Gary Hofer Commodities said after digging through the numbers Chicago March wheat was up ¾ to 3.07 ¼. HOFER "With a massive pack of new statistics to digest it may be days before the market can make all the adjustments. Overall wheat prices did not display new directional energy Wednesday but the statisticians provided some data that may lift Chicago in particular. White wheat will remain in a following role for now." Yesterday March corn down 6 ¼ to 2.00 ½. Portland cash white 3.87 Club White 3.92 Pacific Northwest HRW 11.5 percent protein 4.43 Dark Northern Spring 14 percent protein 5.31 Export barley 95 /ton At auction in Jerome, Idaho, 400-500 steers 121-129.50, 700-800 pound steers 95-102. At Klamath Falls 400-500 steers 118-120. February live cattle 92.05 up .17 March feeders off .70 to 102.37. February Class III milk at Chicago up .07 to 15.05.