03/01/07 Wheat futures higher; cattle lower

Market Line March 1, 2007 Wheat futures posted gains Wednesday on a solid recovery in the stock market and thoughts the previous day's sell off was overdone. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says delivery notices on March contracts were a factor in Chicago. Hoops: "We saw deliveries less than expected for Minneapolis wheat at 102. Less than expected at Kansas City at zero, but way heavier than expected in Chicago at 3667 put a little pressure on Chicago wheat. We were able to see KC lead the way higher into the close, 18 higher on the March contract. Funds were good buyers once again." Australia has had good weather this past week which is seen as a negative for wheat. This morning traders get the weekly export sales report. On Wednesday Chicago May wheat was up 4 ½ cents at 4-88. May corn up 11 ¼ at 4-35 1/2. Portland cash soft white wheat was still reacting to Tuesday's lower futures and was three to six cents lower at mostly 5-45. Club wheat 5-45. August new crop soft white one to nine cents lower at 5-06. HRW 11.5 percent protein 11 to 12 cents higher at 5-94. Dark northern spring 14% protein up four cents at 6-05. Barley at the coast 170 dollars a ton. August at 150. Cattle futures were lower Wednesday though most live contracts hit new highs earlier in the session. Lack of cash market action and lower beef values pressured futures. April live cattle down 40 cents at 97-05. April feeders down 12 at 104-15. April Class III milk up two cents at 14-28. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.