Back to weather watching

Market Line April 13, 2009 Traders are back from a three-day holiday weekend this morning. Wheat futures closed lower Thursday following USDA's April supply and demand report, which showed lower U.S. wheat carryout but increased world stocks. There is commentary that Chicago and Kansas City futures could test their support levels this week which is $5 to 5-05 at Chicago. Joe Victor of Allendale Incorporated says with the government report out of the way its is back to watching weather. Victor: "It is in the 3-5 day forecast window that we are interested in. And of course we will also have to respect the fact of how the crude oil, Dow Jones Industrial Average and the dollar is performing." The Kansas Wheat Commission is telling growers to check for freeze damage from last week's cold temperatures. On Thursday Chicago May wheat was down a dime at 5-22. May corn down 6 ¾ at 3-90 ¼. Portland soft white wheat any protein steady at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop lower at 5-30 to 5-45. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein 13-14 cents lower at 6-10. DNS 14% protein down 13 cents at 7-83. No Portland barley bids. This Friday is a Cattle on Feed report. Last Thursday cattle futures closed higher with support coming from a higher stock market and better than expected cash cattle prices. June live cattle up 82 cents at 84-60. May feeders up 155 at 98-92. May Class III milk down 14 cents at 10-87. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.