02/01/05 Wheat still seeks direction

Marketline February 1, 2005 Wheat futures were weak in early trading Monday, but with help from corn managed to close a little higher. Traders still remain reluctant to sell near the low, but also see little reason to buy. USDA reported weekly export inspections at 21.5 million bushels which was better than expected. Turkey is selling 100-thousand tons of red milling wheat and durum. Canada issues a grains stocks report Wednesday, which Minneapolis traders in particular will be watching for. On Monday Chicago March wheat was up a penny at 2-91. March corn up 1 1/4 at 1-97. Portland cash white wheat two to three cents lower at mostly 3-89. A pick up in country selling Friday pressured nearby bids. New crop August white wheat unchanged at 3-64. Club wheat 3-95. PNW HRW 11.5 percent protein 4-24. Dark northern spring 14% protein 5-11. Export barley 97 dollars a ton. The Plains fed cattle trade was quiet yesterday. Analysts are saying feedlot showlists may be smaller this week. Boxed beef was weak. Cattle futures were firm to higher. March live cattle unchanged at 91-00. March feeders up 30 cents at 100-52. March Class III milk down 23 cents at 14-46. The Canadian Food Inspection Agency announced Monday a proposed regulation that would allow the import of U.S. live cattle born in 1998 or later and beef from animals of any age from which specified risk material has been removed. There is a 30 day comment on the Canadian proposal. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.