Wheat and cattle futures close lower

Market Line April 15, 2009 Wheat futures got a boost early Tuesday from a higher soybean market but contracts eventually closed lower. Traders said outside markets were negative. There are also prospects for more rain in the Plains as USDA meteorologist Brad Rippey explains. Rippey: "We are going to see as much as one to three inches falling across the Southern and Central Plains. Much of that moisture will be beneficial." The outlook for conditions in the spring wheat areas of North Dakota and Minnesota were said to be improving. The North China Plain is forecast to have beneficial rain this weekend. On Tuesday Chicago May wheat was down a penny at 5-22 ¼. May corn up 6 ¾ at 3-94 ¼. Portland soft white wheat any protein was steady to a penny higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop unchanged to down three cents at 5-30 to 5-47. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein down a nickel at 6-05. DNS 14% protein five to ten cents lower at 7-63. No Portland barley bids. The lower stock market proved bearish for cattle futures and they closed lower Tuesday. Boxed beef was moderately higher and firm cash markets are expected this week. June live cattle down 80 cents at 83-80. May feeders down 112 at 98-50. May Class III milk down 20 cents at 10-44. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.