04/25/06 Wheat and cattle futures lower

Marketline April 25, 2006 Wheat futures were lower Monday pressured by weekend rain in the Plains and the prospects for more while the weather is improving for planting in the northern Plains. After the close USDA reported a two percentage point increase in the portion of the U.S. winter wheat crop in the poor to very poor category. Spring wheat planting nationally was 20 percent complete, about what traders were expecting. On Monday July Chicago wheat was down 1 ¾ cents at 3-63 ½. July corn down 3 ¾ at 2-44 ¼. Portland cash white wheat steady to a penny lower at mostly 3-59. August new crop mixed at 3-68. Club wheat mostly 3-79. Only new crop HRW 11.5 percent protein bids, mixed at 5-01. Spot Dark northern spring 14% protein lower at 5-49. No Portland barley bids. Cattle futures were lower Monday and Alan Brugler of Brugler Marketing and Management in Omaha, Nebraska, says Friday's Cattle on Feed report was the reason. Brugler: "We found out we had 108% of last year's cattle on feed on the 1st on April and that is just a fairly substantial jump in cattle numbers. Now, they are not all standing in line waiting to be slaughtered but it does tell us there is a big pile of cattle coming out in June, July and August and we have to find a home for that whether its for domestic consumption or for export." On Monday June live cattle down 125 at 73-22. Aug feeders down 243 at 101-22. June Class III milk unchanged at 11-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.