A trading holiday

Market Line April 2, 2010 Futures exchanges are closed today and will reopen Monday. Wheat futures were higher Thursday on short covering with the red wheat futures posting the biggest gains. The Weekly export sales report from the USDA was better than expected and the department reported a sale of U.S. hard red winter wheat to Nigeria. Egypt purchased a cargo of Russian wheat.

USDA meteorologist Brad Rippey says the winter wheat crop in the Plains is looking good but some of the soft red winter wheat belt still has problems.

Rippey: “We still see at least 20% of the crop now rated in very poor to poor condition in Georgia, North Carolina and Illinois.”

National crop condition progress and ratings from the USDA will begin next week.

On Thursday Chicago May wheat was up 4 ¼ at 4-54 3/4. May corn down a half cent at 3-44 ½. Portland soft white wheat steady to two cents higher at mostly 4-63. New crop August soft white steady to a nickel higher at 4-65.

Club wheat premium $3.67. HRW 11.5 % protein eight cents higher at mostly 5-12. DNS 14% protein up seven cents at 6-82. No Portland barley bids.

Cattle futures were mixed Thursday in limited trading ahead of the long weekend. Cash fed cattle saw an active trade at 96 dollars. Boxed beef remained firm. June live cattle down two cents at 93-52. May feeders down 27 at 112-70. May Class III milk up nine cents at 13-28.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.

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