04/26/06 Futures mixed for wheat and cattle

Marketline April 26, 2006 Wheat futures were mixed at Chicago Tuesday but higher in the hard wheats at Kansas City and Minneapolis. Commentators mentioned the declining winter wheat crop condition ratings in the Plains. Now in addition to dry conditions, Joe Victor of Allendale Incorporated, says there was the possibility of frost overnight in the Plains as far south as Texas. Victor: "The weather agency we are following, World Weather Incorporated, suggesting that frost may nip some of the wheat but not create much if any damage." Canada's planting intentions report didn't seem to make any waves for wheat. That report pegged all Canadian wheat plantings up 2.7%, barley down 5.3%, canola down 14.5 % and dry field peas up 2.3 percent. On Tuesday July Chicago wheat was unchanged at 3-63 ½. July corn down two at 2-42 ¼. Portland cash white wheat steady at mostly 3-59. August new crop unchanged to lower at 3-66. Club wheat 3-79. New crop HRW 11.5 percent protein higher at 5-06. Spot Dark northern spring 14% protein higher at 5-56. No Portland barley bids. Cattle futures were mixed Tuesday halting a three-day steep decline. Fundamental support came from higher boxed beef values. They got support from news Cargill is closing five packing plants Monday for immigration rallies. June live cattle up 30 cents at 73-53. Aug feeders up 15 at 101-38. June Class III milk up a dime at 11-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.