Higher wheat futures; mixed cattle contracts

Market Line March 18, 2008 Wheat futures were higher again Tuesday seeing some follow through from the strong Monday rally. Louise Gartner for the Linn Group at the Chicago Board of Trade the dryness in the Southern Plains is supporting wheat even though some areas of the region may get some moisture later this week. Gartner: "The key is and the bottom line is that rains are not expected, at least not significant rains, over those dry western areas. And as we move forward, particularly when we get into April, moisture needs will be much greater than what they are now." There are tenders in the works from Egypt and Iraq and traders are waiting to see if the U.S. gets any of the business. On Tuesday Chicago May wheat was up 8 ¼ cents at 5-52 ½. May corn down a penny at 3-90 ½. Portland soft white wheat any protein mixed at mostly 5-55. Maximum 10.5 percent protein 5-60. August new crop unchanged to higher at 5-20 to 5-59. Club wheat 7-45. Maximum 10.5 percent club wheat 7-50. HRW 11.5 % protein six to eight cents higher at 6-55. DNS 14% protein four to six cents higher at 8-09. No Portland barley bids. Live cattle futures were mixed Tuesday with feeder contracts higher. Nearby live cattle were pressured by cash market uneasiness while deferreds benefited from a higher stock market. Short covering and cash feeder prices helped feeder contracts. Friday is a cattle on feed report. April live cattle down 15 cents at 84-30. April feeders up 77 at 92-80. April Class III milk up 18 cents at 11-22. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.