04/27/06 Rain pressures wheat; Korea helps cattle

Marketline April 27, 2006 Wheat futures started higher Wednesday getting support from potential frost damage in western Kansas and news Egypt purchased a cargo each of U.S. soft white and soft red winter wheat for late May shipment. But contracts closed lower on forecasts for better chances of widespread rain in Kansas yet this week. Joe Victor of Allendale Incorporated called it a disappointing day with technical factors dominating. He also says it appears Wheat Australia, the entity allowed to sell to Iraq, is about to ink a deal. Victor: "Wheat Australia suggesting that they are within just a few lines away from getting a big package deal sold to Iraq. So, once again a little bit of disappointment from the demand sector." On Wednesday July Chicago wheat down 1 ¾ cents at 3-61 ¾. July corn up a penny at 2-43 ¼. Portland cash white wheat steady at mostly 3-59. August new crop up a penny at 3-67. Club wheat 3-79. Only new crop bids for HRW 11.5 percent protein at 5-05. Spot Dark northern spring 14% protein down a penny at 5-55. No Portland barley bids. Cattle futures closed higher Wednesday helped by higher beef cutout values and statements by South Korea that it could resume limited imports of U.S. beef by June. June live cattle up 82 cents at 74-35. Aug feeders up 153 at 102-90. June Class III milk down seven cents at 11-08. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.