03/02/07 Outside markets again pressure grains

Market Line March 2, 2007 Outside markets again pressured corn futures which spilled over to wheat which closed lower Thursday. Wheat futures did come up off their lows for the day though, which Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says may provide some support today. Hoops: "But again I don't think you are going to see a major rally in here. It is going to be some choppy two-sided trade for quite awhile and it certainly is a volatile session." Chicago March wheat again saw heavy deliveries. USDA pegged weekly wheat exports at 9.6 million bushels near the low end of pre-report expectations. More rain across the Plains was seen as beneficial for winter wheat. On Thursday Chicago May wheat was down nine cents at 4-79. May corn down 7 ½ at 4-28. Portland cash soft white wheat mixed at mostly 5-43. Club wheat 5-43. August new crop soft white one to two cents lower at 5-05. HRW 11.5 percent protein nine to ten cents lower at 5-88. Dark northern spring 14% protein six to eight lower at 5-99. Barley at the coast 170 dollars a ton. August at 150. The general commodity decline also weighted on cattle futures Thursday which closed mixed. Feeder contracts faired better with the drop in grain prices. Live cattle are also waiting for cash market developments and lower beef values are negative with futures at a premium to cash. April live cattle down 90 cents at 96-15. April feeders down 15 at 104. April Class III milk down eight cents at 14-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.