Minneapolis leads wheat futures

Market Line April 23, 2009 Wheat futures closed higher Wednesday with the biggest gains posted in hard red spring wheat. Mark Chiodo of Chiodo Commodities in Minneapolis explains why. Chiodo: "That is all do to the problems with the wet weather and the delays, or perceived delays, in planting so far mostly in North Dakota and the Red River Valley. The expectation is that will get in late and probably won't get in all the acres USDA previously projected." Some traders says futures also got support from forecasts for hot, dry, windy weather for some areas of the Southern Plains. On Wednesday Chicago May wheat was up 7 1 /4 cents at 5-16 ¾. May corn down a half at 3-73 ½. Portland soft white wheat any protein steady to up four cents at mostly 5-45. Maximum 10.5 percent protein 5-50. August new crop 5-30 to 5-50. Club wheat mixed at mostly 6-45. Maximum 10.5 percent club wheat mostly 6-50. HRW 11.5 % protein up seven cents at 6-09. DNS 14% protein 12-17 cents higher at 7-75. Cattle futures were mixed Wednesday. Traders await cash fed cattle price development though a few sold yesterday slightly lower than last week. Boxed beef edged higher again and packers are in the black. Feeders saw some profit taking. June live cattle down 12 cents at 83-15. May feeders up 12 at 99-40. May Class III milk unchanged at 10-38. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.