01/20/05 Wheat futures get a small upward bounce

Wednesday's wheat trade gave us a nice little bounce from the recent lows. Gary Hofer of Gary Hofer Commodities says on Wednesday that Chicago March wheat was 2.99 up 2 1/2. Minneapolis and Kansas City closed even higher. HOFER "Many futures contracts, that is the dollar, treasury bonds and precious metals are all nearing important turning points within the next few weeks. All of the grains are near long term lows although trend lines for wheat are well established there are arguments that risk to the downside is limited while upside potential is fairly large. That may be true but it says nothing about how long it may be before any significant price rally may occur." Bids for grains in Portland were mostly higher, cash white up to 3.88; Club White gained to 3.93. Pacific HRW 11.5 percent protein 4.44 Dark Northern spring 14 percent protein at 5.27 Export barley $95 /ton March corn 1.96 ¾ up ¾. At auction in Jerome, Idaho 4-500 pound steers 119-140.50. 7-800 steers 101-103. Cattle futures were down, February live cattle down 1.77 to 89.35. March feeders off 1.92 to 100.92. February milk at Chicago 15.46 up .04.