03/15/07 Markets take another downer

Wheat futures closed lower on Wednesday, corn and cattle did too. Chicago wheat hit fresh five month lows yesterday following the outside markets but bounced back as the market moved into "oversold" territory. Good soil moisture levels add to bearish sentiment as producers expect a solid U.S. HRW crop. Irking the trade further was Egyptian buying 120,000 tons of wheat, all from Russia. May contracts in Chicago lost 3 1/4 to finish at 4.63 ¼, Kansas City down 4 3/4 and Minneapolis down 2. May corn down 2 at 4.04 3/4. Portland cash white down 03 at 5.60 New crop August 4.96, down a penny Club White down .03, mostly 5.60 Pacific Northwest HRW 11.5 percent protein mostly 5.79 down .04. Dark Northern Spring 14 percent protein down .02 at 5.95. Live cattle ended lower on Wednesday. . The boxed beef cutout report put choice up 1.61 and select up 1.16. The market is expecting cash cattle to trade higher this week, once trade kicks off. April live cattle contracts lost 12 to finish at 99.97. April feeders gained 27 to 105.92. April Class III milk at Chicago up .02 at 15.00.