Both wheat and cattle futures close mixed

Market Line April 14, 2009 Monday was a rather quiet trading day for both wheat and cattle futures. Wheat futures were mixed as a lower dollar provided support while good rains in all areas of the Southern Plains was bearish. Louise Gartner for the Linn Group at the Chicago Board of Trade says the weekly crop ratings issued after the market close showed Oklahoma got hit the hardest by last week's frost. Gartner: "See a drop in their good to excellent ratings with Oklahoma down nine points taking it down to 16% good to excellent and up 13% in the poor to very poor. So clearly Oklahoma getting whacked with this frost damage." Nationally 42 percent of the winter wheat is rated good to excellent, down just a point from last week. On Monday Chicago May wheat was up 1 ¼ cents at 5-23 ¼. May corn down 2 ¾ at 3-87 ½. Portland soft white wheat any protein was steady to two cents higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop unchanged to up a nickel at 5-30 to 5-50. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein unchanged at 6-10. DNS 14% protein eight to 13 cents lower at 7-75. No Portland barley bids. Cattle futures closed mixed Monday. There was profit taking and pressure from the stock market when it was sharply lower earlier in the trading session. Boxed beef showed gains of over a dollar for both choice and select. June live cattle unchanged at 84-60. May feeders up 70 at 99-62. May Class III milk down 23 cents at 10-64 on lower cheese prices. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.