04/24/06 Plains precip; bearish on feed numbers

Marketline April 24, 2006 Wheat futures closed lower Friday. Nobody wanted to be long going into the weekend with forecasts for rain in the Plains. While moisture can benefit Kansas and Nebraska traders says it's probably too late for Texas and Oklahoma. USDA will issue winter wheat ratings and spring planting progress after the close today, and Brian Hoops of the Midwest Market Solution in South Dakota has what the market is expecting. Hoops: "We do look for crop ratings to drop on Monday and spring wheat seedings to be in that 15-20% range as well." Canada will be releasing a spring planting intentions report tomorrow and expectations are for more wheat acres. On Friday July Chicago wheat down a penny at 3-65 ¼. July corn up a ¼ at 2-48. Portland cash white wheat steady to three cents lower at mostly 3-59. August new crop lower at 3-67. Club wheat 3-79. HRW 11.5 percent protein lower at 4-93. Dark northern spring 14% protein lower at 5-52. No Portland barley bids. Cattle futures were lower Friday on the lack of cash fed trading and caution ahead of USDA's Cattle on Feed report. USDA's numbers were called bearish reinforcing the outlook for large beef supplies through summer. The feedlot inventory was up nine percent from last year, March placements up five percent and March marketings unchanged from a year ago. Ahead of the report, June live cattle down 75 cents at 74-47. Aug feeders down 122 at 103-65. June Class III milk down a penny at 11-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.