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Bob Hoff 03/17/05 Wheat futures lower on setback
by Bob Hoff, click here for bio

Program: Market Line
Date: March 17, 2005

Marketline March 17, 2005 Wheat futures closed lower Wednesday giving back some of Tuesdays big gains in what analysts said was a technical correction. The setback came even as the CRB index hit another high yesterday and the dollar was weak.

Mark Chiodo of Slipka Commodities in Minneapolis says some people are mumbling about a top to this latest rally.

Chiodo: I dont know I think it is dangerous to pick tops but it looks like we are finally taking a break here. We need to see some sort of a setback or mark some time at these levels here before you can talk about this market sell off a little bit. Only time will tell but there still seems to be a lot of money. As one guy from Chicago put he said there still seems to be a lot of money flowing into the Chicago pit.

On Wednesday Chicago May wheat was down seven cents at 3-61. May corn down three at 2-25 ½.
Portland cash white wheat steady to four cents lower at mostly 3-98. New crop August white wheat mixed $4 with dry growing conditions offering support. Club wheat 4-03. PNW HRW 11.5 percent protein lower at 4-38. Dark northern spring 14% protein lower at 5-13. Export barley 101 dollars a ton.

At auction this week 400-500 pound steers were 123 to 129 at Klamath Falls with seven to eight weight steers 90 to 93. The Plains fed cattle trade remained mostly quiet. Boxed beef was higher. Cattle futures were mixed. April live cattle down seven cents at 89-67. April feeders down a nickel at 104-70. April Class III milk up 15 cents ast 14-35.

Im Bob Hoff and thats Marketline on the Northwest Ag Information Network.

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