04/28/05 Fund selling pressures commodities

04/28/05 Fund selling pressures commodities

Marketline April 28, 2005 Wheat futures were lower Wednesday as selling by speculative funds was seen in numerous commodities. That drove the CRB index sharply lower. Gary Hofer of Gary Hofer Commodities, has more. Hofer: "Commodities in general are on a sideways trend. We are awaiting new events to emerge in the world that will drive prices one way or the other, and right now there seems to be a growing consensus that wheat prices have more risk to the downside than they do to the up." On Wednesday Chicago July wheat was down 4 1/4 cents at 3-29 1/4. July corn down 4 3/4 at 2-17. Portland cash white wheat steady to two cents lower at mostly 3-95. New crop August 3-76. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-17. Dark northern spring 14% protein lower at 5-06. Barley delivered to inland feeding areas 99 dollars a ton. At auction this week 400-500 pound steers were 139 at Klamath Falls, 132 to 137 at Jerome, Idaho. Seven to eight weight steers were 115 at Klamath. Some Plains fed cattle sold on a dressed basis yesterday two-dollars lower than last week. Boxed beef was firm to higher. Analysts says the general commodity market decline may have been a factor in sharply lower cattle futures. Some also cite thoughts that the fed cattle market has topped. June live cattle down 150 at 85-62. Aug feeders down 132 at 108-02. June Class III milk down 14 cents at 13-28. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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