03/14/05 Fundamentals ignored as specs buy

03/14/05 Fundamentals ignored as specs buy

Marketline March 14, 2005 When the fund buying stops the upward surge in wheat futures will likely come to an end and a quick correction could be seen. That's the warning from one market observer, but Friday outside money continued to pour into commodities with nearby Chicago wheat hitting the highest price since last July. Chris Mota of R.J. O'Brian had these comments about ag commodity futures mid-way through Friday's session in Chicago. Mota: "After a lower opening the funds just jumped on it and taken it to the upside. Nothing really new on the fundamental side. Just waves of money coming in. We have traders watching the CRB Index which again is up making new highs." That Commodity Research Bureau index hit a 24 year high. On Friday Chicago May wheat was up a dime at 3-58. May corn up 4 /3.4 at 2-24 3/4. Portland cash white wheat one to two cents higher at mostly 3-96. August new crop higher at 3-94. Club wheat 4-01. PNW HRW 11.5 percent protein higher at 4-45. Dark northern spring 14% protein higher at 5-20. Export barley 102 dollars a ton. USDA says direct sale feeder cattle in the Northwest were four to five dollars higher in an active trade. Boxed beef was higher Friday on light demand and offerings. Cattle futures were lower with traders concerned about a National Meat Association effort to appeal that preliminary injunction that put reopening the Canadian border on hold. April live cattle down 160 at 89-10. April feeders down 145 at 103-92. April Class III milk down 13 cents at 14-07. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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