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Bob Hoff 04/21/05 Technical strength moves wheat higher
by Bob Hoff, click here for bio

Program: Market Line
Date: April 21, 2005

Marketline April 21, 2005 Wheat futures closed higher Wednesday helped by technical buying from the previous session. Once again there was little fundamental news though Iraq may be tendering for some hard wheat and traders are watching dryness in parts of Australia. Gary Hofer of Gary Hofer Commodities, says yesterdays action wasnt so much aggressive buying as it was a lack of selling.

Hofer: The overall trend for wheat remains lower even with Mondays upward move above the 5-week trend line. There is more risk than reward in this wheat market for producers holding on to crops. For white wheat it will take a much more aggressive buying spree by importers to change the pattern. Thursdays session will start with very little momentum either way.

On Wednesday Chicago May wheat was up 2 3/4 cents at 3-10 3/4. May corn up 1 1/4 at 2-10 3/4. Portland cash white wheat steady at mostly 3-91. New crop August white wheat 3-72. Club wheat 3-95. PNW HRW 11.5 percent protein higher at 4-03. Dark northern spring 14% protein higher at 4-91. Export barley 104 dollars a ton.

At auction this week 400-500 pounds steers were 129 at Klamath Falls, 135 to 142.50 at Jerome, Idaho. Seven to eight weight steers 100 at Klamath, 103 to 114 at Jerome. Plains fed cattle sold yesterday three-four dollars higher on a dressed basis than last week. Cattle futures saw some new highs yesterday before profit taking led to lower feeder contracts. June live cattle up 12 cents at 85-52. May feeders down 45 at 107-07. May Class III milk down three cents at 14-03.

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

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