02/25/05 Funds silent; wheat lower

Marketline February 25, 2005 Wheat futures were lower Thursday as the big trading funds ended their short covering spree that occurred earlier in the week. At its Outlook Conference USDA's chief economist Keith Collins predicted a U.S. all-wheat crop this year of 2.1 billion bushels, down from last year's 2.2 billion. He sees total wheat acreage being the smallest since 1972. Gary Hofer of Gary Hofer Commodities, has details on this week's subsidy activity in the European Union. Hofer: "The European Union set this week's export subsidy at 8 Euro Dollars per ton, equivalent to about $9.76 in U.S. dollars. This is still not enough to tilt the export arena towards European wheat dramatically, but it is as strong enough level to affect some o the business flow." On Thursday Chicago March wheat was down 3 1/4 cents at 3-12 3/4. March corn unchanged at 2-05 3/4. Portland cash white wheat a penny lower at mostly 3-95. New crop August white wheat 3-77. Club wheat $4. PNW HRW 11.5 percent protein lower at 4-27. Dark northern spring 14% protein lower at 4-93. Export barley 105 dollars a ton. At auction this week 400-500 pound steers were 124 to 137 at Madras, Oregon, 119 to 129 at Idaho Falls. Seven to eight weight steers were 90 to 97 at Madras, 97 to 103 at Idaho Falls. It's another Friday showdown for Plains fed cattle. Boxed beef was steady to firm yesterday. Cattle futures were mostly higher. April live cattle up 17 cents at 86-27. March feeders up 35 at 99-07. March Class III milk up 16 cents at 14-86. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.