Outside markets pressure wheat and cattle futures

Market Line April 21, 2009 Sharp losses for wheat futures Monday as a higher dollar, lower crude oil and a lower stock market provided outside pressure. Louise Gartner for the Linn Group at the Chicago Board of Trade says fundamentals remain bearish for wheat too with some good rains in the soft red winter wheat belt. Gartner: "We might get this market to hold. We might get it to pull higher into early May. That is a strong seasonal tendency, but the fundamentals and the technicals in this wheat complex look increasingly bearish. If you get this bounce into early May that will be a gift and that will certainly be a selling opportunity." On Monday Chicago May wheat was down 18 ½ cents at 5-04 ½. May corn down 6 ¾ at 3-69 ½. Portland soft white wheat any protein was five to eight cents lower at mostly 5-40. Maximum 10.5 percent protein 5-45. August new crop six to 12 cents lower at 5-30 to 5-42. Club wheat 7-30. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein 12-14 cents lower at 5-98. DNS 14% protein ten to 12 cents lower at 7-54. No Portland barley bids. Cattle futures saw triple digit losses Monday. Fundamentals were noted as positive with better than expected cash sales last week, continued strength in boxed beef and some positive operating margins for packers, but the drop in the stock market outweighed those factors. June live cattle down 190 at 82-62. May feeders down 120 at 98-32. May Class III milk down three cents at 10-28. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.