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Bob Hoff 04/08/05 USDA report; Taiwan reopens to beef
by Bob Hoff, click here for bio

Program: Market Line
Date: April 08, 2005

Marketline April 8, 2005 Wheat futures were unchanged to slightly lower Thursday as traders awaited this mornings USDA monthly supply and demand updates. Gary Hofer of Gary Hofer Commodities says the weekly export sales report yesterday showed export business is only dribbling along.

Hofer: The trendline for wheat is still negative but much of the down side risk has been drained i the last three weeks with a 40-cent decline in Chicago. White wheat prices have been pretty much unchanged since last August holding in the $3.90`s nearly the whole time. Crop prospects have improved enough in the northwest to erase the new crop price premium we had a weeks ago.

On Thursday Chicago May wheat was unchanged at 3-14 1/4. May corn down 1 3/4 at 2-05 ½.
Portland cash white wheat a penny higher at mostly 3-93. New crop August 3-75. Club wheat 3-97. PNW HRW 11.5 percent protein 4-05. Dark northern spring 14% protein mostly 4-73. Barley delivered to inland feeding areas 99 dollars a ton.

At auction this week 400-500 pound steers were 135 to 142 at Madras, Oregon, 129 to 140 at Idaho Falls. Seven to eight weight steers 107 to 115 at Madras, 102 to 115 at Idaho Falls. Fed cattle sold on a dressed basis in the Plains yesterday $7-$8 lower than last week. Boxed beef was steady. USDA confirmation that Taiwan will reopen to U.S. beef under 30 months of age later this month didnt help cattle futures. June live cattle down a dime at 83-42. May feeders down 15 at 103-92. May Class III milk down seven cents at 14-25.

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

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