04/05/06 Wheat futures mixed; more cattle lows

Marketline April 5, 2006 Wheat futures were narrowly mixed Tuesday with Minneapolis showing the most strength. USDA's winter wheat ratings were in line with market expectations. Good to excellent ratings at 38 percent are well below 68% at this time last year. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says traders are watching outside markets like oil and metals, plus; Chiodo" "The rumor mill says there should be some hedge fund or index fund buying this week. Since we are part way through the week here why the odds are we will see it as we go along, or we should see it coming up here but I would keep an eye on the outside markets." On Tuesday May Chicago wheat was up ¾ of a cent at 3-42 ¾. May corn down two at 2-34 ½. Portland cash white wheat was unchanged to a nickel higher but mostly 3-55. August new crop unchanged at 3-66. Club wheat unchanged to down seven cents at mostly 3-75. HRW 11.5 percent protein a penny lower at 4-71. Dark northern spring 14% protein up three at 5-39. No Portland barley bids. Another new round of contract lows for cattle futures Tuesday as technical support failed and funds and commercials sold. A steep decline in hog futures may have also spilled over to cattle. Heavy supplies of protein are expected this summer making for price competition. June live cattle down 163 at 73-13. May feeders down 223 at 99-22. May Class III milk up two cents at 10-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.