05/10/06 Crop ratings, metals, help wheat

Marketline May 10, 2006 Wheat futures posted strong gains Tuesday. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says the drop in winter wheat ratings, particularly in Kansas, provided support. There are also forecasts for frost in some of the Plains states Thursday morning. Additionally, Chiodo says outside markets helped. Chiodo: "Crude oil was up at one point up $1.40. The metals were up rather dramatically, $18-$20 on the gold and about 60 cents on the silver. All that combined put us up pretty good on the open. Funds came in late in the day and were pretty good buyers, mostly in the wheat pit." Also positive the for the wheat market is the fact that India, which has not imported wheat in recent years, is tendering for three million tons and Iraq is expect to tender for more wheat soon. On Tuesday July Chicago wheat was up 9 ¼ cents at 3-84 ¾. July corn up a penny at 2-38. Portland cash white wheat one to three cents higher at mostly 3-73. August new crop higher at 3-88. Club wheat 3-83. HRW 11.5 percent protein higher at 5-21. Dark northern spring 14% protein up six cents at 5-69. No Portland barley bids. Cattle futures were lower Tuesday on ideas Monday's rally was a bit much. Most of the action was contract spreading moving from June into August. There is some optimism that beef exports to Korea will resume by early June. June live cattle down 53 cents at 74-88. Aug feeders down 72 at 103-43. June Class III milk up two cents at 10-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.