02/18/05 Beans help wheat a little

Marketline February 18, 2005 Wheat futures closed mostly higher Thursday getting some help from soybeans which were up as much as 20 cents as bushel. Gary Hofer of Gary Hofer Commodities, says the weekly export sales report of 548-thousand tons was friendly too. Hofer: "The funds are still sitting on sizeable short-sold positions and the seasonal tendency in late February and early March is for wheat to be at least firm if not higher. There is still hope for another 10-20 cents upwards for Chicago wheat, but that will require more bean support as well as some decent wheat sales. For those that have been sitting on long wheat positions, it may represent a reasonable sales point." On Thursday Chicago March wheat was up three cents at 2-95 ½. March corn up 2 1/4 at 1-99 1/4. Portland cash white wheat steady to two cents higher at mostly 3-91. New crop August white wheat mixed at 3-69. Club wheat 3-96. PNW HRW 11.5 percent protein higher at 4-17. Dark northern spring 14% protein higher at 4-91. Export barley 102 dollars a ton. At auction this week 400-500 pound steers were 110 to 126 at Madras, Oregon, 120 to 140 at Lewiston, Idaho. Seven to eight weight steers were 90 to 102 at Madras, 98 to 105.50 at Lewiston. The Plains fed cattle trade has been at a standstill all week. Boxed beef was sharply lower Thursday. Cattle futures were mixed. April live cattle down 37 at 87-30. March feeders down a dime at 100-62. March Class III milk down eight cents at 13-73. After the close USDA reported milk production in January was up 1.3 percent over January of 2004. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.