01/27/05 Wheat looking for direction

Marketline January 27, 2005 Wheat futures were mostly lower Wednesday. Analysts note there is a hesitancy of traders to sell so near the lows but also little incentive to buy with slow export demand. Traders are waiting to see if USDA confirms any more sales to Iraq. Gary Hofer of Gary Hofer Commodities, says Portland white wheat is back in the same price range for the sixth month since harvest time. Hofer: "Chicago has been all over the map while white wheat has enjoyed very stable prices partly signifying that the quality and supply of white wheat this year is a good match for the demand that is available. The influence of the red wheat market cousins on white wheat is pretty strong but not enough to shake loose from the post-harvest range. The entire grain complex is seeking lows from which to launch spring rallies." On Wednesday Chicago March wheat was down 1 3/4 cents at 2-95 1/4. March corn down a quarter cent at 1-98 3/4. Portland cash white wheat up two cents at 3-95. New crop August mixed at 3-66. Club wheat 4-01. PNW HRW 11.5 percent protein 4-31. Dark northern spring 14% protein lower at 5-16. Export barley 97 dollars a ton. At auction this week, 4-500 pound steers were 125 to 127 at Klamath Falls, 121 to 126.50 at Jerome, Idaho. Seven to eight weight steers were 88.50 to 98 at Jerome. There were some dressed based cattle sales in the Plains yesterday two to three dollars lower than last week. Boxed beef was sharply lower. Cattle futures were mixed. February live cattle up 35 cents at 89-12. March feeders down 17 at 99-87. February Class III milk down 58 cents at 15-30. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.