Wheat futures lower in quiet trade; cattle contracts higher

Market Line March 4, 2008 Wheat futures were fractionally to several cents lower Tuesday. Traders were watching the stock market. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat futures held key support levels. Gartner: “This wheat complex finding some support at these December lows. We got down into the first key level of support here. The market hit it a few times and then managed to close off of that. Just a few cents but nevertheless it did not break down any further.� Gartner says support came from poor crop condition ratings in Texas where warm conditions continue and just light showers are forecast. China’s Ministry of Agriculture has declared the drought emergency in the North China winter wheat belt is now over. On Tuesday Chicago May wheat was down 4 ¼ cents at 501 ¾. May corn up a quarter cent at 3-50 ½. An increase in country selling was noted in Portland yesterday where soft white wheat any protein was three to eight cents lower at mostly 5-45. Maximum 10.5 percent protein 5-50. August new crop mixed at 5-04 to 5-24. Club wheat 6-95. Maximum 10.5 percent club wheat $7. HRW 11.5 % protein down two cents at 5-95. DNS 14% protein down six cents at 7-59. No Portland barley bids. Cattle futures were higher Tuesday. Short covering and wholesale beef demand strength helped live cattle with feeders following but also getting support from the cash market. April live cattle up 27 cents at 84-22. April feeders up 45 at 92-80. April Class III milk down 13 cents at 10-32. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.