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Bob Hoff 04/27/05 Funds and weather keys for wheat
by Bob Hoff, click here for bio

Program: Market Line
Date: April 27, 2005

Marketline April 27, 2005 Wheat futures closed higher again Tuesday. Once again there wasn't much new fundamentally. Gary Hofer of Gary Hofer Commodities, says there have been some cold temperatures in the Plains but no serious damage to the winter wheat there.

Hofer: "Funds were net buyers of a mild 15-hundred contracts amidst moderate volume. The driest winter wheat areas, Texas and Oklahoma, show 30% of Texas wheat is headed versus 46% this time last year. Oklahoma is 57% headed versus 64% last year. So they are both a little bit behind the curve. The general wheat price short term trendline is positive but still in the context of a larger downward trend. Weather is still the second largest factor next to the funds. That's a recipe for volatility."

On Tuesday Chicago July wheat was up three cents at 3-33 ½. July corn down a ½ at 2-21 3/4.
Portland cash white wheat steady to three cents higher at 3-96. New crop August 3-80. Club wheat 3-99. PNW HRW 11.5 percent protein higher at 4-22. Dark northern spring 14% protein higher at 5-10. Export barley 104 dollars a ton.

At auction this week 500-600 pound steers were 125 to 130 at Davenport, Washington, seven to eight weight steers 101.75 to 113.50. The Plains fed cattle trade remained fairy quiet. Boxed beef posted a second straight day of strong gains. Cattle futures were steady to higher with some more new contract highs. June live cattle unchanged at 87-12. Aug feeders up a dime at 109-35. June Class III milk unchanged at 13-42.

I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.

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