Strong gains for wheat futures; cattle contracts flat

Market Line March 17, 2008 Wheat futures posted gains in the 20 cent range Monday. There was fund buying. A higher stock market early in the day along with higher crude oil and a lower dollar helped the grains. Weekly export inspections for wheat were however, below trade expectations. Nelson Byrd with the Linn Group at the Chicago Board of Trade says there were some rains over the weekend in the Plains wheat belt. Byrd: "However, meteorologists indicate there is still a shortage of subsoil moisture. Another chance for rain arrives later this week with amounts ranging from three-tenths to eight tenths of an inch." Meanwhile, temperatures are forecast to be hot in the Southern Plains. On Monday Chicago May wheat was up 26 cents at 5-44 ¼. May corn up three at 3-91 ½. Portland soft white wheat any protein nine to 11 cents higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop 5-20 to 5-51. Club wheat 7-40. Maximum 10.5 percent club wheat 7-45. HRW 11.5 % protein 26-27 cents higher at 6-47. DNS 14% protein 22 to 24 cents higher at 8-03. No Portland barley bids. Cattle futures were called flat to weak Monday with profit taking a feature in both the live and feeder pits. Packers remain in the red and wholesale beef demand is weakening. Oklahoma City saw good feeder demand with prices steady to two dollars higher. April live cattle down 20 cents at 84-45. April feeders down two cents at 92-02. April Class III milk up 17 cents at 11-04. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.