02/20/07 Talk of La Nina

Market Line February 20, 2007 Heading into a long three day weekend Friday, wheat futures posted strong gains. Commentary suggests that with funds holding over 16-thousand net short positions, there could be increased short covering if resistance levels are broken. Higher wheat futures Friday came despite an export sales report that was below expectations. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says corn and wheat were helped by a La Nina forecast from NOAA . Chiodo: "At least in their opinion that La Nina may come around quicker than was previously projected and that will cause a warmer, drier summer. That helped boost the corn up here as the market is worried about having any kind of weather item that is too dry, too wet, too anything." On Friday Chicago March wheat was up 14 ¾ cents at 4-68. March corn up 9 ½ at 4-17. Portland cash soft white wheat had another marketing year high at mostly 5-32. Club wheat 5-32. August new crop soft white four to 12 cents higher at 5-05. HRW 11.5 percent protein 12-14 cents higher at 5-88. Dark northern spring 14% protein up a dime at 6-05. Barley at the coast 172 dollars a ton. August 145 Cattle futures ended mixed Friday with feeders mostly lower getting pressured by higher corn. Spreading and evening up ahead of the long weekend was a feature. April live cattle up 15 cents at 96-55. March feeders down 27 at 100-dollars 17-cents. March Class III milk up 11 cents at 14-36. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.