Club wheat premium disappears at Portland

Market Line May 6, 2009 USDA Market News reported Tuesday that club wheat bids at Portland fell as much as $2.15 a bushel eliminating any price premium club wheat had over common soft white wheat. Portland bids for both any protein soft white and club were mostly 5-45 with maximum 10.5 percent protein soft white and club at mostly 5-50. New crop soft white was mixed at 5-45 to 5-55. HRW 11.5 % protein unchanged to up two cents at 6-29. DNS 14% protein four to nine cents higher at 8-01. No Portland barley bids. Wheat futures managed to close higher Tuesday with Minneapolis showing the best strength on spring wheat planting delays. Meanwhile Louise Gartner for the Linn Group at the Chicago Board of Trade has news on the first day of the Kansas Wheat Tour. Gartner: "They are finding excellent yield potential through central and northern Kansas. Of course those are regions that really never saw any stress but as they move further into the southern parts of Kansas it is expected they will see some more frost damage and will try get a handle on what yield potentials will be there." On Tuesday Chicago July wheat was up 2 ½ cents at 5-53 ½. July corn down a quarter cent at 4-05 ¼. Cattle futures were described as firm Tuesday. There was some short covering and contract spreading. Feeders got some support from the futures discount to the CME's feeder cattle index. June live cattle up 25 cents at 82-12. August feeders up a dime at 98-77. June Class III milk up four cents at 10-58. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.