Still watching cold temps in the Plains

Market Line April 7, 2009 Wheat futures lost a few cents Monday. A higher dollar and a lower stock market provided outside pressure. Traders weren't too concerned about Monday mornings cold temperatures in the Southern Plains, but Louise Gartner for the Linn Group at the Chicago Board of Trade says even colder temps were forecast for last night. Gartner: "Both Oklahoma and Texas have a rough start to this growing season and many of those acres already zeroed out. And they are the same regions that are expected to be significantly cold so it is possible the market is just looking at this region and saying the crop is already dead anyway so what's the big deal about frost. But we could see that frost push more into the eastern part of the Southern Plains and also more into the central part of Kansas." On Monday Chicago May wheat was down 6 ½ cents at 5-57. May corn up a penny at 4-05 ½. Portland soft white wheat any protein one to five cents higher at mostly 5-55. Maximum 10.5 percent protein 5-60. August new crop mixed at 5-40 to 5-63. Club wheat 7-30. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein four to ten cents lower at 6-48. DNS 14% protein down three cents at 8-18. No Portland barley bids. Cattle futures were firm to higher Monday. There was optimism about fundamentals. Cash fed cattle sold at mostly 85 dollars Friday. Boxed beef showed good gains Monday. Oklahoma City also saw higher cash feeder and calf prices yesterday. June live cattle up 20 cents at 84-37. May feeders up 75 at 94-45. May Class III milk down 15 cents at 11-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.