Weather bearish for wheat; beef prices good for cattle

Market Line April 16, 2009 Wheat futures posted modest losses Wednesday. And were said to takes there cue from the row crops. Winter wheat weather has improved with more moisture for the Plains. Better conditions are expected for Northern Plains spring wheat planting. In Australia it is winter wheat planting time and Louise Gartner for the Linn Group at the Chicago Board of Trade has information on conditions there. Gartner: "Seen some very good rains come across eastern Australia as they wrap up for their planting season. It looks like their moisture conditions will be much improved and at least get them off to a good start. This is eastern Australia. Western Australia is still sitting okay but they could use some more moisture before their seeding starts as well." Egypt was tendering over night for wheat. On Wednesday Chicago May wheat was down seven cents at 5-15 ¼. May corn down 9 ¾ at 3-84 ¼. Portland soft white wheat any protein down a nickel at mostly 5-45. Maximum 10.5 percent protein 5-50. August new crop steady to lower at 5-30 to 5-45. Club wheat 7-20. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein down a nickel at $6. DNS 14% protein five to 13 cents lower at 7-55. No Portland barley bids. Cattle futures closed higher Wednesday. Continued gains in boxed beef prices were bullish for live cattle. Feeder contracts benefited from the rally in live cattle and short covering. June live cattle up 97 cents at 84-77. May feeders up 142 at 99-92. May Class III milk down four cents at 10-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.