Better weather pressures wheat futures

Market Line May 5, 2009 Some of the big gains of late last week were given back Monday by wheat futures. Outside markets didn't provide much support. Louise Gartner for the Linn Group at the Chicago Board of Trade says better weather outlooks provided price pressure. Gartner: "And of course the better planting opportunity for the Northern Plains and also the drying out of some of the Southern and Central Plains allowing this crop to actually take advantage of this moisture and get into some drier and warmer weather." There was also rain in dry areas of the Ukraine, Russia and Argentina. Weekly export inspections came in well under trade expectations as well. The Kansas Wheat Tour begins today. On Monday Chicago July wheat was down 19 cents at 5-51. July corn down 8 ¼ at 4-05 ½. Portland soft white wheat any protein steady to a nickel lower at mostly 5-40. Maximum 10.5 percent protein 5-45. August new crop steady to down a dime at 5-25 to 5-50. Club wheat 6-40. Maximum 10.5 percent club wheat 6-45. HRW 11.5 % protein down 18 cents at 6-27. DNS 14% protein 18-33 cents lower at 7-92. No Portland barley bids. Cattle futures were mixed Monday. There was support from outside markets. Traders are still wary of slim packer margins and beef cutout prices. Cash feeders at Oklahoma City were called steady with a weak undertone. June live cattle down 22 cents at 81-87. August feeders up 22 at 98-67. June Class III milk down 11 cents at 10-54. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.