Daily News Reports »

Bob Hoff 03/30/05 Good conditions pressure wheat
by Bob Hoff, click here for bio

Program: Market Line
Date: March 30, 2005

Marketline March 30, 2005 Wheat futures closed mostly lower Tuesday but stayed within recent price ranges. Gary Hofer of Gary Hofer Commodities, says there is plenty of attention being focused on USDAs planting and stocks reports due out Thursday, and on crop conditions in the U.S.

Hofer: The trend is towards a large crop with plenty of moisture in the ground right now and good looking crops coming along even in some areas that had been previously too dry. Even the PNW has perked up a bit with wide rains coming just in time to save lots of spring planted wheat. The chart trend line for wheat is still to the downside but hang on tight for wild moves ahead.

On Tuesday Chicago May wheat was down 1 ½ cents at 3-34 ½. May corn up a quarter cent at 2-13. Portland cash white wheat was mixed, mostly 3-93 for nearby and new crop. Club wheat 3-96. PNW HRW 11.5 percent protein lower at 4-19. Dark northern spring 14% protein unchanged to lower at 4-93. Export barley 101 dollars a ton.

At auction this week, seven to eight weight steers were 102.75 to 107 at Davenport, Washington. No trend Tuesday for Plains fed cattle but some cattle sold one to two dollars higher than last week. Boxed beef was firm on light demand and offerings. Thoughts of higher cash fed prices this week and better beef prices supported cattle futures. June live cattle up a nickel at 86-22. May feeders up 57 at 105-50. May Class III milk up a dime at 14-90.

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

Recent Reports from Market Line

Click here to see Archived Reports