Wheat and cattle futures give back some gains

Market Line April 2, 2009 Wheat futures posted losses Wednesday though they closed up off the day's lows. Although lower, Minneapolis contracts faired better than Kansas City and Chicago and Louise Gartner for the Linn Group at the Chicago Board of Trade says there is a reason for that. Gartner: "That stands to reason as we look at all the flooding and more rain and snow on the way. Certainly going to delay field work and delay planting and already talking about losing up to one million acres of spring wheat. So that is adding some support to the Minneapolis market but not enough to support the wheat complex in general, much less when you have corn and beans under pressure as well." More moisture is in the forecast for the southwest Plains the rest of this week. On Wednesday Chicago May wheat was down 7 ¼ at 5-25 ½. May corn down 8 ¾ at 3-96. Portland soft white wheat any protein and maximum 10.5 percent protein steady to a nickel lower at mostly 5-50. August new crop unchanged to up two cents at 5-30 to 5-37. Club wheat 7-25. HRW 11.5 % protein down seven cents at 6-11. DNS 14% protein up a nickel at 8-04. Cattle futures were mixed Wednesday. There remains nervousness about this week's cash fed market. Tuesday's rally in feeder contracts was considered to be overdone. Choice and select beef prices are inverted which analysts say shows the lack of demand for high quality cuts. CWT has announced another dairy herd buyout with bidding starting immediately. April live cattle down 15 cents at 83-77. April feeders up 12 at 93-30. April Class III milk down 16 cents at 11-12. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.