A crop tour already

Market Line May 4, 2009 Wheat futures posted some big gains Friday on what many commentators called short covering. More rain is expected in the Midwest and that has some traders talking about potential disease issues in the soft red winter wheat crop. Louise Gartner for the Linn Group at the Chicago Board of Trade says the Kansas Wheat Tour is this week. Gartner: "And we will get the results May 7th and there is a lot to look at. We have had drought, we've had frost and even some flooding. And maybe even looking at some disease issues. There is plenty for the market to chew on as they make their way through those fields." Some traders are noting dryness in Russia. Argentina has been dry but may get some moisture in time for wheat seeding. On Friday Chicago July wheat was up 33 ½ cents at 5-70. July corn up 10 ¼ at 4-13 ¾. Portland soft white wheat any protein was five to 11 cents higher at mostly 5-42. Maximum 10.5 percent protein 5-47. August new crop steady to 20 cents higher at 5-25 to 5-60. Club wheat 6-42. Maximum 10.5 percent club wheat 6-47. HRW 11.5 % protein 25-28 cents higher at 6-45. DNS 14% protein 32 to 27 cents higher at 8-10. No Portland barley bids. Cattle futures were mixed Friday. Cash fed sales prior to closing were coming in two dollars under the previous week. The is plenty of concern about the beef market with expectations of more pork staying in the U.S. Higher corn was bearish for feeders. June live cattle down 40 cents at 82-10. August feeders down 117 at 98-45. June Class III milk down 12 cents at 10-65 a new low. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.