05/03/06 Wheat futures gain again

Wheat futures were slightly higher on Tuesday, but a late round of profit-taking limited gains. Fundamental support came from the weekly Crop Progress report showing a decline in winter wheat condition ratings to 36% good to excellent, down from 39% the previous week and far below the long-term average of about 53%. USDA meteorologist Brad Rippey says Kansas wheat took a hit. RIPPEY "The percentage of the winter wheat crop that has freeze damage increased from a week ago from 68 percent to 80 percent." Chicago July wheat was up 1 1/2 cents at $3.66 ½, Kansas City July gained 6 1/4 cents to close at $4.44 ¼ and Minneapolis was up 2 cents at $4.24 3/4. July corn down 4 ½ to 2.43 1/2 Portland cash white up .02 to 3.63 August new crop 3.65 Club White gained .02 to 3.83. Pacific Northwest HRW 11.5 percent protein up .06 to 4.99. Dark Northern Spring 14 percent protein mostly 5.52. Cattle futures closed mixed on Tuesday. The market traded in a rather narrow range, lacking any fundamental news to provide direction. Choice cutout values were strongly higher while select values were slightly lower. June cattle were up .07at $75.10. August was .12 higher at $77.07. June Class III milk at Chicago unchanged at 10.90. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network.