Plain's rain continues to pressure wheat futures

Market Line March 26, 2009 Wheat futures posted losses in the 20 to 30 cent range Wednesday as forecasts continue to call for widespread rain later this week in the U.S. hard red winter wheat belt. Louise Gartner for the Linn Group at the Chicago Board of Trade says the point is, drought is no longer an issue for the winter wheat crop. Gartner: "And it certainly does not look like it will be an issue in the Northern Plains spring wheat complex. We could have some other issues pop up again, it is very early in the growing season, but for now it looks like this crop is going to get off to a very a good start." Too much moisture and the flooding along the North Dakota-Minnesota border could cause planting delays later this spring and is something Joe Victor of Allendale Incorporated says to keep an eye on. On Wednesday Chicago May wheat was down 27 cents at 5-08. May corn down eight at 3-85 ¾. Portland soft white wheat any protein five to 15 cents lower but mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop lower at 5-11 to 5-45. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein down 33 cents at 5-95. DNS 14% protein down 24 cents at 7-60. No Portland barley bids. Cattle futures posted losses again on Wednesday. Technical selling was a feature as contracts dropped below moving averages. Feeders followed the live pit lower and also saw profit taking and lack of buying interest. April live cattle down 82 cents at 84-62. April feeders down 90 at 94-22. April Class III milk up six cents at 11-31. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.