02/17/05 Fund selling continues

02/17/05 Fund selling continues

Marketline February 17, 2005 Wheat futures were lower again Wednesday as funds continue to sell and farmers in the Midwest are moving cash grain. Traders get USDA's weekly export sales report this morning. Gary Hofer of Gary Hofer Commodities, also notes the U.S. dollar is working its way back up against other currencies. Hofer: "If and when the greenback finishes what appears to be a retracement against the long term downward trend wheat may also find a better demand picture. In the short to intermediate range it appears that wheat and other grains have no strength and are likely to continue to languish or even print new lows in the nearby future in search of some demand." On Wednesday Chicago March wheat was down 6 3/4 cents at 2-92 ½. March corn down three at 1-97. Portland cash white wheat two to four cents lower at mostly 3-89. New crop August white wheat lower at 3-67. Club wheat 3-95. PNW HOW 11.5 percent protein lower at 4-16. Dark northern spring 14% protein lower at 4-89. Export barley 102 dollars a ton. At auction this week 400-500 pounds steers were 127 at Klammath Falls, with seven to eight weight steers 90.25 to 92. At Jerome, Idaho, 500-600 pound steers were 109 to 120 with seven to eight weights 94 to 102. Still quiet in the Plains fed cattle trade. Boxed beef was weak yesterday. Cattle futures were generally higher. Feeders were said to get support from news of increasing Canadian feeder cattle prices. April live cattle up 65 cents at 87-67. March feeders up 47 at 100-72. March Class III milk down a penny at 13-81. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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