03/23/07 Old crop sww approaches $6 Portland

Market Line March 23, 2007 Old crop cash soft white wheat bids at Portland Thursday were up ten to 12 cents a bushel at mostly 5-92. So was club wheat. USDA Market News says higher Chicago wheat futures Thursday and good demand for continued light farm offerings supported the cash bids in a slow trade. The annual locks closure on the Columbia and Snake Rivers for repairs and maintenance has also been supportive. August new crop soft white was higher by eight to ten cents at 5-20. Over the past week old crop soft white has advanced 27 to 30 cents with new crop gaining 23 to 25 cents. Other Portland bids; HRW 11.5 percent protein unchanged at 5-82. Dark northern spring 14% protein up a penny at 6-03. Barley at the coast 170 dollars a ton. August at 155. Wheat futures posted small gains Thursday. Weekly export sales were at the higher end of expectations at 517-thousand tons. Mark Chiodo of Slipka Commodities says the market is biding its time. Chiodo: "It feels like we treading water here a little bit. Stuck in a trading range until we get to this planting report." That's a week from today. On Thursday Chicago May wheat was up 1 ½ cents at 4-67. May corn down a quarter cent at 4-09 ½. Cattle futures were higher Thursday. Live contracts were supported by dressed basis packer bids which would translate into live cattle prices of 98 dollars a hundredweight. This afternoon's Cattle on Feed report is expected to show on feed supplies lower than a year ago. April live cattle up 67 cents at 98-40. April feeders up 12 at 105-25. April Class III milk up eight cents at 15-70. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.