03/07/07 No follow through in the grains

Market Line March 7, 2007 Wheat futures posted losses Tuesday. Joe Victor of Allendale Incorporated says that was disappointing given Monday's strong showing in wheat and corn. Victor: "We had lack of follow through interest and a dearth of fundamental news that just didn't inspire this market to giddiup and go." There were several items in the news stream. The Ukraine said they anticipate doubling their wheat exports to six million tonnes in 2007-2008. Australia's government estimates wheat production should almost triple from this past season's 9.8 million ton crop though that crop isn't even the ground yet. FAPRI estimates total U.S. wheat acreage this year at 60.1 million acres, slightly above USDA's recent estimate. The Kansas winter wheat crop is rated 64 percent good to excellent an improvement over January and of course significantly above the 28 percent reported a year ago. On Tuesday Chicago May wheat was down 7 ¾ cents at 4-73. May corn down 4 ¾ at 4-22. Portland cash soft white wheat one to three cents higher but mostly 5-46. Club wheat 5-46. August new crop soft white down three to four cents at 5-01. HRW 11.5 percent protein six to seven cents lower at 5-86. Dark northern spring 14% protein five to eight lower at 5-93. Barley at the coast 170 dollars a ton. August at 151. Live cattle futures were higher Tuesday with feeders mixed. Trading was light and rolling contracts forward was a feature. Some fed cattle reported trading at 95 dollars. April live cattle up 25 cents at 97-60. April feeders down 30 at 105-02. April Class III milk up 25 cents at 14-65. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.