05/13/08 Wheat and cattle futures mixed

Market Line May13, 2008 Wheat futures closed mixed Monday with Minneapolis posting a couple of months of big gains. Peter Georgantones says people are buying spring wheat contracts against other exchanges. Georgantones: "Buying Minneapolis, buying Kansas City and selling it against Chicago. Chicago crops looks to be getting bigger. Hard red and hard spring crops look to be smaller. We are hearing about less acres being planted in spring wheat country. A little more corn than beans. Less spring wheat." Wheat was also said to get some pressure from corn where traders expected good planting progress. After the close USDA did report 51 percent of the corn crop is now in. Wheat traders were said to shrug off news that a major wheat producing state in Australia, New South Wales, is experiencing drought in half its wheat areas. On Monday Chicago July wheat was up a penny at 8-05 ½. July corn down 14 ½ at 6-14 ¾. Portland new crop soft white wheat 15 to 20 cents higher at 7-95 to 8-10. August HRW 11.5 % protein unchanged at 9-14. August DNS 14% protein one to six cents higher at 10-07. Barley at the coast 198 dollars a ton. Live cattle futures were weak Monday on profit taking. Lower corn also hurt deferred live cattle while helping feeder contracts close higher. Traders are awaiting this Friday's Cattle on Feed Report from USDA. June live cattle down 22 cents at 94-30. August feeders up 85 at 110-77. June Class III milk up three cents at 19-51. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.