03/20/07 Moisture outlook pressures wheat futures

Market Line March 20, 2007 After some early strength provided by outside markets and corn Monday, wheat futures fizzled out and closed lower. An outlook for good moisture into the southern and central Plains caused selling pressure. The weekly export inspections report didn't help with only 13.5 million bushels of wheat inspected, while the trade was looking for 15 to 20 million bushels. Some traders say the market is biding its time until USDA's planting intentions report March 30th. On Monday Chicago May wheat was down 5 ¾ cents at 4-70. May corn down 1 ½ at 3-98. Portland cash soft white wheat up a nickel at mostly 5-67. Club wheat 5-67. August new crop soft white mixed at $5. HRW 11.5 percent protein down eight cents at 5-72. Dark northern spring 14% protein down two to six cents lower at 5-88. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were higher Monday on short covering following last week's sell off as well as fund buying. Some fed cattle sold for 100-dollars a hundredweight last Friday but most sales were at 98. Feeder contracts got spillover support from live cattle. April live cattle up 70 cents at 97-80. April feeders up 47 at 106-52. April Class III milk up 32 at 15-62. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.