Wet weather continues to help wheat futures

Market Line April 24, 2009 Wheat futures were higher again Thursday posting double digit gains. Louise Gartner for the Linn Group at the Chicago Board of Trade says the focus continued to be on planting delays in the Northern Plains and into the Canadian Prairie. Gartner: "The North Dakota Ag Commissioner already talking about reducing spring wheat planting, down about 1.2 million acres. That's about what the trade has been looking for as well. More rain on the way, cool weather not allowing fields to dry out and even have to deal with some lingering snow in some of the northern areas." Gartner says wet conditions are also causing delays in spring planting in Russia. Stats Canada issues a planting intentions report today with wheat acreage expected to be up over last year. On Thursday Chicago May wheat was up 12 ½ cents at 5-29 ¼. May corn up 7 ½ at 3-81. Portland soft white wheat any protein steady to up two cents at mostly 5-45. Maximum 10.5 percent protein mostly 5-50. August new crop unchanged at 5-30 to 5-50. Club wheat mostly 6-45. Maximum 10.5 percent club wheat 6-50. HRW 11.5 % protein up 13 cents at 6-22. DNS 14% protein up 12 cents at 7-87. No Portland barley bids. Live cattle futures were higher Thursday on cash market optimism. There were more sales yesterday at about steady money with last week. Despite good cash markets this week feeder contracts closed lower. June live cattle up 32 cents at 83-47. May feeders down 20 at 99-20. May Class III milk down 12 cents at 10-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.