05/02/06 Weather affects wheat futures

Wheat futures closed higher on Monday. The market was supported by ideas that the recent rains failed to significantly improve winter wheat crop prospects in the western Plains. The gap between excellent and very poor winter wheat ratings is widening. USDA meteorologist Brad Rippey says the decline is due to dry conditions in a four state area and a freeze in the middle of last week. RIPPEY "Colorado the crop a week ago rated 22 percent poor to very poor, now 29 percent. The primary effects of that freeze on the 26th still being assessed but being felt all the way from far northern Texas and the Panhandle region, through western Oklahoma and up through the western one third of Kansas and eastern Colorado." On Monday Chicago July wheat was up 6 ½ to 3.65 while Kansas City added 6 ½ and Minneapolis had a 2 ½ cent gain. July corn down .01 to 2.48. Portland cash white 3.61 Club White 3.81 Pacific Northwest HRW 11.5 percent protein up .06 at 4.91. Dark Northern Spring 14 percent protein up .05 to 5.50 Cattle futures were sharply higher on Monday. The market was supported by expectations for beef exports to Korea to resume in June. June cattle were up 152 points at $75.02. August up 1.40 at $76.95. May feeder cattle 1.65 to $102.17, August feeders gaining 2.22. June Class III milk at Chicago down .01 at 10.91. I