Awaiting post-market reports

Market Line April 27, 2009 Traders will want to see what the USDA has to say this afternoon about spring wheat planting progress and the condition of the hard red winter wheat crop. Those reports are not out until after the futures markets close. Friday wheat futures were higher at Chicago and Kansas City and mixed at Minneapolis. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange didn't find the lower close there that surprising. Chiodo: "Minneapolis just kind of ran out steam. We moved up dramatically ahead of the other wheats and I think folks were taking profits on the spreads they put on earlier in the week." Stats Canada's Seeding Intentions report Friday showed producers plan to increase wheat acres about six percent above last year. There was some chatter about dry conditions in eastern Australia for wheat seeding. On Friday Chicago July wheat was up 2 ½ cents at 5-43 ¼. July corn down 4 ¼ at 3-85 ¾. Portland soft white wheat any protein steady to seven cents lower at mostly 5-40. Maximum 10.5 percent protein 5-45. August new crop unchanged to down a nickel at 5-30 to 5-45. Club wheat 6-40. Maximum 10.5 percent club wheat 6-45. HRW 11.5 % protein one to two cents higher at mostly 6-24. DNS 14% protein down a penny at mostly 7-86. No Portland barley bids. Cattle futures closed lower Friday. Live cattle got pressured after the cash fed cattle action ended for the week with prices weaker than the previous week. Boxed beef was also lower Friday. Feeders got spillover pressure. June live cattle down 87 cents at 82-60. August feeders down 32 at 100.35 June Class III milk down seven cents at 11-21. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.