03/22/07 Wheat futures higher; cattle mixed

Market Line March 22, 2007 Wheat futures posted small gains Wednesday and closed higher in a trading session described as technical. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, thinks Tuesday's bounce off of support levels helped the market yesterday. Chiodo: "We managed to stay above the 100-day moving average in the corn at 3-95 ½ and the wheat held its support level there and gave us a pretty good bounce. So a lot of folks looking at it as possibly a bottom in the market here and also keeping one eye on the weather market here even though it is only March. Just goes to show how important the weather will be or how quickly we will trade any change in the weather here in the coming months." USDA issues the weekly export sales report this morning. On Wednesday Chicago May wheat was up 2 ¾ cents at 4-65 ½. May corn up 4 ½ at 4-09 ¾. Portland cash soft white wheat unchanged to seven cents higher at mostly 5-85. Club wheat 5-85. August new crop soft white seven to 12-cents higher at 5-10. HRW 11.5 percent protein 4-5 cents higher at 5-82. Dark northern spring 14% protein three to five cents higher at 6-02. Barley at the coast 170 dollars a ton. August at 155. Cattle futures were mixed Wednesday. Late short covering did lift the market. Tomorrow is a Cattle on Feed report. April live cattle up 12 cents at 97-72. April feeders down 42 at 105-12. April Class III milk unchanged at 15-62. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.