Wheat and cattle futures lower

Market Line April 8, 2009 Wheat futures were lower Tuesday as a higher dollar, lower crude oil and lower stocks provided some outside pressure to the grains. Traders also did not think freeze damage in the Plains will be very severe from this week's cold temperatures. Joe Victor of Allendale Incorporated says it is weather issues though that are keeping Minneapolis and Kansas City stronger than Chicago. Victor: "That Chicago soft red winter wheat there is plenty of it. Plenty of stocks that are still available. The same cannot be said, especially for the spring wheat." Iraq says it is purchasing 250-thousand metric tons of wheat and 100-thousand of that will be from the U.S. The rest is Canadian and Russian. On Tuesday Chicago May wheat was down 17 ¼ cents at 5-39 ¾. May corn down 9 ¼ at 3-96 ¼. Portland soft white wheat any protein steady to nine cents lower at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop unchanged to down three cents at 5-40 to 5-60. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein down 13 cents at 6-34. DNS 14% protein 10-21 cents lower at 8-08. No Portland barley bids. Cattle futures were lower Tuesday. There was said to be a lack of buying interest and outside markets like stocks provided some pressure. There is also nervousness about this week's cash fed cattle trade. June live cattle down 62 cents at 83-75. May feeders down 32 at 97-12. May Class III milk down 31 cents at 10-99 on lower cheese prices. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.