05/01/06 Market awaits wheat tour

Marketline May 1, 2006 The annual Wheat Quality Council tour of the nation's hard red winter wheat crop takes place this week in the Plains and futures traders will be watching the reports from the tour for ideas on this year's production, particularly in Kansas, the number one wheat producing state. USDA will issue its first winter wheat production estimate later this month. Traders will also be watching the weather this week and spring planting progress. Friday wheat futures did close mostly higher, but Joe Victor of Allendale Incorporated says it wasn't because of wheat fundamentals but a strong soybean complex. Victor: "By rallying as much as they did, they really did stafe off what could really have been a nasty situation for the wheat." On Friday July Chicago wheat was up 2 ¾ cents at 3-58 ½. July corn up 6 ¼ at 2-49. Portland cash white wheat one to two cents lower at mostly 3-60. August new crop 3-65. Club wheat 3-80. HRW 11.5 percent protein 4-87. Dark northern spring 14% protein 5-47. No Portland barley bids. Live cattle futures were higher Friday getting support from improved beef cutout values despite last week's lower cash cattle trade. Feeder contracts were lower. Several beef plants around the country are expected to be dark today because of immigration rallies and the condition of the beef market. Secretary Johanns may be talking beef issues with Japan's ag minister in Geneva this week. June live cattle were up 20 cents at 73-50. Aug feeders down 22 at 102-08. June Class III milk down four cents at 10-92. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.