Wheat futures mixed; cattle contracts higher

Market Line March 24, 2008 Wheat futures had opened higher Monday morning but finished the day mixed. Weekly export inspections were above trade expectations and the stock market was higher, but Louise Gartner for the Linn Group at the Chicago Board of Trade says there was negative weather news. Gartner: "About mid-session the forecasts called for very good rains to come into eastern Colorado through western Kansas, about the only dry pocket left in this country. Except for Texas of course. So the wheat market pulling back off of its highs and running into a fair amount of selling as we came into the close." The market of course is watching the weather in the upper Northern Plains where flooding may be of concern. On Monday Chicago May wheat was down a penny at 5-49 ¼. May corn down a penny at 3-95 ½. Portland soft white wheat any protein steady at mostly 5-55. Maximum 10.5 percent protein 5-60. August new crop 5-20 to 5-60. Club wheat 7-35. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein up a penny at 6-44. DNS 14% protein mixed at mostly 7-99. No Portland barley bids. Cattle futures were higher Monday on the higher stock market and a supportive Cattle on Feed report from USDA Friday afternoon. The placement number was viewed as friendly. Cash feeder cattle and stockers were one to two dollars higher at Oklahoma City. April live cattle up 75 cents at 85-95. April feeders up 67 at 94-45. April Class III milk down sixteen cents at 11-25. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.