04/28/06 Still raining on wheat futures

Marketline April 28, 2006 Wheat futures were lower Thursday with the hard wheat contracts sharply lower. Joe Victor of Allendale Incorporated says traders were fixated on wetter forecasts for the Plains. Victor: "Upwards of 95 percent coverage. Amounts anywhere from two-tenths of an inch upwards of an inch. inch and a half, possibly some locations two inches for the southwest for that hard red." There was also some rain forecast in the northern Plains spring wheat belt where farmers are trying to get seeding done but warmer temperatures are on the way. News China was raising interest rates to slow its economy was viewed as bearish by grain traders. On Thursday July Chicago wheat was down six cents at 3-55 ¾. July corn down a half at 2-42 ¾. Portland cash white wheat steady to two cents lower but mostly 3-59. August new crop lower at 3-66. Club wheat 3-76. New crop HRW 11.5 percent protein down 16 cents at 4-89. Dark northern spring 14% protein lower by as much as 12 cents at 5-42. No Portland barley bids. Cash fed cattle prices of 80-dollars, even 79 dollars, two bucks lower than last week, pressured cattle futures Thursday despite better wholesale beef prices. Some traders said Russia's cutoff off of poultry imports didn't impact cattle futures. About 12 U.S. beef plants are now expected to be quiet Monday because of immigration rallies. June live cattle were down 105 at 73-30. Aug feeders down 60 at 102-30. June Class III milk down 12 cents at 10-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.