03/12/07 Waiting for planting report

Market Line March 12, 2007 There were no major surprises in USDA's March Supply and Demand report issued Friday. In fact USDA left U.S. wheat and coarse grain numbers unchanged and there was just a small change upward in world wheat ending stocks from last month. Wheat futures closed mixed following the report. Joe Victor of Allendale Incorporated says the trade is now looking ahead to a major USDA report, the Planting Intentions report and Quarterly Grain Stocks on March 30th. Victor: "But consolidation at its finest at least for the next couple of weeks. No major reports to be speak of between other than the weekly inspections and export sales and shipments will have to feed this market. Weather is something else the market is very much interested in." That would be La Nina in particular and its potential impact on Midwest crop production. On Friday Chicago May wheat was up a penny at 4-76 ¼. May corn down four at 4-17 ½. Portland cash soft white wheat two to four cents higher at mostly 5-52. Club wheat 5-52. August new crop soft white four to five cents higher at 5-10. HRW 11.5 percent protein unchanged to up a penny at 5-88. Dark northern spring 14% protein up a penny at 6-04. Barley at the coast 170 dollars a ton. August at 151. Cattle futures were mixed Friday with April live cattle hitting a new high during the session. Some traders think live cattle are about to top. Meanwhile cattle feeders are hoping for a 100 dollar a hundredweight price from packers this week. April live cattle up 42 at 101-45. April feeders down $1 at 106-62. April Class III milk up six cents at 15-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.