01/24/05 Traders await export report

01/24/05 Traders await export report

Marketline January 24, 2005 Wheat traders get a delayed USDA export sales report this morning to start the new week. The report was delayed because of the federal inaugural holiday last Thursday. Friday wheat futures were narrowly mixed. The resumption of E.U. wheat export subsidies was still overhanging the market. Gary Hofer of Gary Hofer Commodities, says that on Friday traders were digesting an agreement between Canada and China for wheat. Hofer: "The agreement is for one million metric tons of milling wheat to China for 2005-06. While on the face of it the deal suggests the U.S. is not competitive in wheat offerings, it may also represent new activity by China in the market. Ultimately that is a positive factor." On Friday Chicago March wheat was up a penny at 2-95 3/4. March corn down 3/4 at 1-97. Portland cash white wheat up a penny at mostly 3-91. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-35. Dark northern spring 14% protein mixed at 5-25. Export barley 96 dollars a ton. Analysts say live cattle futures could get some pressure from USDA's Cattle on Feed Report issued Friday which showed higher placements and fewer marketings than most expected. USDA pegged the feedlot inventory January 1st at 100 percent of a year ago, December placements up five percent, with marketings last month up two percent from the previous year. Ahead of the report February live cattle were down 25 at 89-27. March feeders up 42 at 101-25. February Class III milk unchanged at 16-05. Plains fed cattle traded Friday at mostly 90 dollars, two to three lower than the previous week and boxed beef was sharply lower. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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