03/11/05 Money still moving into commodities

03/11/05 Money still moving into commodities

Marketline March 11, 2005 Wheat futures continued to climb higher Thursday thanks to the continued influx into the agricultural complex of outside investment money. Wheat was actually lower early in the session after USDA raised world wheat ending stocks in its report yesterday, although U.S. exports were increased and U.S. wheat stocks lowered by five million bushels. The weaker U.S. dollar and the new highs in the CRB index are bringing in investors. Gary Hofer of Gary Hofer Commodities, assess where we are now. Hofer: "The key factors now for wheat are sympathetic support from beans and corn, a weaker dollar and spring weather coming up. The funds are buying taking a net 4,000 contracts on the long side Thursday. White is steady in Portland, but it is onward and upward one day at a time for red wheat." On Thursday Chicago May wheat was up 7 1/4 cents at 3-48. May corn up 3 3/4 at 2-20. Portland cash white wheat steady at 3-95. New crop August white wheat 3-90. Club wheat $4. PNW HRW 11.5 percent protein higher at 4-38. Dark northern spring 14% protein higher at 5-13. Export barley higher at 104 dollars a ton. At auction this week 400-500 pound steers were 125 to 145 at Madras, Oregon, 120 to 140 at Lewiston, Idaho. Seven to eight weight steers 97 to 100 at Madras, 105 to 110 at Lewiston. The Southern Plains saw an active fed cattle trade at mostly 93 dollars yesterday, three bucks higher than last week. Boxed beef was higher. Cattle futures were mostly lower amid profit taking and consolidation. April live cattle down 75 at 90-70. April feeders down 30 cents at 105-37. April Class III milk up 24 cents at 14-20. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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