05/04/06 Wheat futures lower; cattle mixed

Marketline May 4, 2006 Rain in northern Kansas and southern Nebraska combined with reports from the Wheat Quality Council crop tour in Kansas pressured wheat futures lower Wednesday. While hard red winter wheat yields in Kansas are being reported by the crop tour to be down several bushels an acre from last year, some participants are reporting better than expected crop results. Also it is said rain over the next ten days there could turn things around. Ryan Kilbrantz of ADMIS at the Minneapolis Grain Exchange says the weekly export sales report this morning could provide market direction. Beyond that; Kilbrantz: "I'd look for choppy, sideways trade to continue until we see a major shift in weather patterns. Export business does remain light. USDA will release their monthly crop production and S&D reports next Friday." That will include the first field-surveyed estimate of the U.S. winter wheat crop. On Wednesday July Chicago wheat was down 1 ½ cents at 3-65. July corn down a penny at 2-42 ½. Portland cash white wheat two to three cents higher at mostly 3-64. August new crop unchanged to higher at 3-69. Club wheat mostly 3-78. HRW 11.5 percent protein lower at 4-94. Dark northern spring 14% protein down two cents at 5-50. No Portland barley bids. Cattle futures were narrowly mixed Wednesday. Traders are preparing to roll their June positions to August. Higher boxed beef values are supporting futures but concern remains about large fed cattle supplies. June live cattle up three cents at 75-13. Aug feeders up 13 at 104-38. June Class III milk down three cents at 10-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.