01/18/05 Will wheat challenge contract lows?

01/18/05 Will wheat challenge contract lows?

Marketline January 18, 2005 Futures traders return from a three-day weekend today. One item wheat traders are expected to focus on is the results of an Egyptian tender that was announced last Friday. During the last trading session Friday, Chicago wheat dropped a dime and Gary Hofer of Gary Hofer Commodities, says we might see a challenge of old contract lows, about 15-cents below the current price level. Hofer: "All of this is based on lagging export sales and growing ending stock numbers pretty much across the board. Even though the latest USDA report showed fewer than expected wheat acres planted for the next crop, the bottom line remains focused on surplus wheat for sale all over the world. In that light it is hard to envision more than about 30-cents potential to the upside for wheat in any case." On Friday Chicago March wheat was down a dime at 2-97 ½. March corn down 2 3/4 at 1-97 1/4. Portland cash white wheat down three cents on limited exporter bids at mostly 3-85. Club wheat 3-91. PNW HRW 11.5 percent protein lower at 4-38. Dark northern spring 14% protein lower at 5-23. Export barley 96 dollars a ton. Reduced operations by beef packers have helped wholesale beef prices. Wholesale choice-grade boxed beef prices last week hit a seven-month high after posting the strongest weekly rally since early 2004. That helped fed cattle prices rally $4 last week. In the last shortened trading session Friday, cattle futures were mixed. February live cattle up 15 cents at 91-32. March feeders down 25 at 102-15. February Class III milk up 17 cents at 15-42. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this;
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