Outside markets help grain and cattle futures

Market Line March 5, 2008 Wheat futures were higher Wednesday. The strong stock market and higher crude helped grain futures. However, Louise Gartner for the Linn Group at the Chicago Board of Trade, says wheat has its own leg to stand on and that’s the dryness in the Southern Plains. Gartner: “Clearly the Southern Plains and the Panhandle need rain right away. And certainly Kansas, Nebraska, they are going to need some rain fairly quickly. The bottom line is that it is just not in the forecast. The crop is starting to see some stress.� The Ukraine says that for the 08/09 marketing to date it has exported a record 16.8 million metric tons of wheat. On Wednesday Chicago May wheat was up 21 ¼ cents at 5-23. May corn up 13 at 3-63 ½. Portland soft white wheat any protein two to eight cents higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop six to 16 cents higher at 5-20 to 5-30. Club wheat $7. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein 20-22 cents higher at 6-17. DNS 14% protein up 17 cents at 7-74. No Portland barley bids. Cattle futures were higher Wednesday. The up day on Wall Street helped ad did fund buying and good retail beef demand. Feeders followed the live pit and also got some technical support. April live cattle up 42 cents at 84-65. April feeders up 105 at 93-85. April Class III milk up three cents at 10-35. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.