03/13/07 Wheat follows corn futures lower

Market Line March 13, 2007 Wheat futures closed lower Monday at all exchanges. It followed corn lower into the close. Rains in the southern Plains over the weekend raised yield expectations for hard red winter wheat and right now the trade sees near ideal weather for crop development in the U.S. USDA issued the weekly export inspections report Monday morning but Ryan Kilbrantz of ADMIS at the Minneapolis Grain Exchange says it was neutral. Kilbrantz: "Inspections totaled 19.9 million bushels. They were thinking anywhere between 17 and 22 so that was right in line." In India scientists and industry officials say rains and strong winds the past few days may have damaged some of India's wheat crop in a few areas but the extent of damage wasn't know. Harvest in India begins in April. On Monday Chicago May wheat was down 5 ¾ cents at 4-70 ¾. May corn down 8 ¼ at 4-09 ¼. Portland cash soft white wheat was three to five cents higher at mostly 5-54 on limited country selling and moderate to good export demand. Club wheat 5-54. August new crop soft white down five to eight cents at 5-02. HRW 11.5 percent protein down a nickel at 5-84. Dark northern spring 14% protein three to four cents lower at 6-01. Barley at the coast 170 dollars a ton. August at 152. Nearby April live cattle futures were higher Monday but other live contracts were lower. Expectations for this week's cash market helped the April contract while lower corn futures helped feeder contracts to close higher. April live cattle up 57 cents at 102-02. April feeders up 50 at 107-12. April Class III milk up four cents at 15-05. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.