05/09/06 Wheat and cattle futures higher

Marketline May 9, 2006 After initial weakness wheat futures closed higher Monday. India is tendering in the world market for about three million metric tons of wheat. And although the U.S. may not get any of that business Jordon is tendering for 120-thouand of U.S. wheat. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says estimates for the U.S. hard red winter wheat crop were getting lots of attention. Chiodo: "Most of the commentary centered around Sparks, or Informa. Their hard wheat estimate for something around 690 million bushels versus 930 million last year for USDA and their commentary Friday that their estimate was way below the crop tour's number of 319. So no matter how you look at it the crop is in some sort of trouble and I think people are going to keep a premium in the market until we get to that point." On Monday July Chicago wheat was up 3 ¼ cents at 3-75 ½. July corn down 3 ½ at 2-37. Portland cash white wheat steady to three cents higher at mostly 3-72. August new crop as much as seven cents higher at 3-85. Club wheat 3-82. HRW 11.5 percent protein higher at 5-16. Dark northern spring 14% protein higher at 5-63. No Portland barley bids. Cattle futures were sharply higher Monday. Fund buying pushed prices higher with buy-stops triggered once June live cattle moved above trendline resistance. June live cattle up 155 at 75-40. Aug feeders up 132 at 104-15. June Class III milk down nine cents at 10-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.