03/01/05 More big gains for wheat futures

Marketline March 1, 2005 Commodity funds added to their new long positions in wheat futures Monday sending prices to five-month highs. Gary Hofer of Gary Hofer Commodities, says Chicago has now added 45-cents a bushel in the past seven sessions. Hofer: "Many long time market observers have simply given up applying fundamental analysis to the red wheat market as there are now new supply and demand statistics or other informational factors that can account for such explosive action. A strong soybean rally is certainly a help, but it's the funds on a real tear that's making the track burn. The trend is up, but it's become a guessing game as when the ride will end." On Monday Chicago May wheat was up 12 cents at 3-45 1/4. May corn up 1 1/4 at 2-22 3/4. Portland cash white wheat steady to three cents higher at mostly 3-96. New crop August white wheat higher at 3-84. Club wheat 4-01. PNW HRW 11.5 percent protein 4-43. Dark northern spring 14% protein 5-13. Export barley 106 dollars a ton. It was the typical early week standstill Monday for Plains fed cattle. Boxed beef was called firm to higher. Cattle futures were mixed with early support from thoughts cash cattle will trade steady. Analysts say the market will be nervous this week awaiting court developments regarding the Canadian border situation. April live cattle down a nickel at 86-05. April feeders up 30 at 97-92. April Class III milk up 26 cents at 15-74. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.