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Bob Hoff 04/26/05 Double digit rally in wheat futures
by Bob Hoff, click here for bio

Program: Market Line
Date: April 26, 2005

Marketline April 26, 2005 Wheat futures closed sharply higher Monday and that after giving back a dime or more of the days gains. The weekly export inspections report came in stronger than expected and there were some cold temperatures over the weekend in the Plains hard red winter wheat belt, but Gary Hofer of Gary Hofer Commodities, says there was one primary reason for Mondays rally.

Hofer: We are getting used to wheat market moves that defy the apparent fundament setup. Crop condition and progress continue to improve across the wheat regions of the U.S. and northern hemisphere in general. The charts show a break out to the upside sponsored once again by powerful fund buying. There is no way to argue with a trend of this kind as the wheat market remains enthralled to the funds.

On Monday Chicago July wheat was up 11 1/4 cents at 3-30 ½. July corn up 4 3/4 at 2-22 1/4. Portland cash white wheat higher at mostly 3-94. New crop August was unchanged to higher at 3-80. Club wheat 3-97. PNW HRW 11.5 percent protein higher at 4-19. Dark northern spring 14% protein higher at 5-05. Export barley 104 dollars a ton.

Aprils USDA Cattle on Feed Report proved positive for cattle futures Monday with most contracts setting new highs. The report issued Friday had shown that feedlots had marketed more cattle but placed fewer during March than the trade had expected. Boxed beef was higher Monday. In the futures June live cattle up 140 at 87-12. Aug feeders up 137 at 109-25. June Class III milk down 17 at 13-43. Im Bob Hoff and thats Marketline on the Northwest Ag Information Network.

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