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Bob Hoff 04/29/05 Wheat futures slip lower
by Bob Hoff, click here for bio

Program: Market Line
Date: April 29, 2005

Marketline April 29, 2005 Once again speculative selling as well as pressure from the row crops had wheat futures closing lower Thursday. The weekly export sales report was routine and some moisture is in store for dry areas of the southern Plains. Gary Hofer of Gary Hofer Commodities, says with expectations for a good winter wheat crop, prices may be pressured still lower. And despite what have been stable white wheat prices, producers should be prepared if prices break.

Hofer: Unfortunately using Chicago or Kansas City market tools has not been easy to correlate with white wheat market risk lately, but there are other ways available to re-balance the risk. It is something that bares study now at any case as the new crop is a little closer to being made everyday and white wheat remains 60-cents above loan level, all of which is at risk.

On Thursday Chicago July wheat was down two cents at 3-27 1/4. July corn down four at 2-13. Portland cash white wheat steady to a penny higher at mostly 3-95. New crop August 3-76. Club wheat $4. PNW HRW 11.5 percent protein 4-16. Dark northern spring 14% protein 5-04. Barley delivered to inland feeding areas 99 dollars a ton.

At auction this week 400-500 pound steers were 145 to 150 at Madras, Oregon, 120 to 135 at Idaho Falls. Seven to eight weight steers 109 to 114 at Madras, 105 to 114 at Idaho Falls. Southern Plains fed cattle trade remained quiet Thursday. Boxed beef was firm. Cattle futures were mixed on light volume. June live cattle down two cents at 85-60. Aug feeders up 12 at 108-15. June Class III milk up two cents at 13-30.

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

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