03/27/07 Corn drop pressures wheat, helps feeders

Market Line March 27, 2007 Wheat futures closed lower Monday though they did manage to bounce up from the day's lows. Corn was sharply lower which spilled over to wheat. Weekly export inspections for wheat came in at 14.4 million bushels. The trade was hoping for 20 million. The Commitment-of-Traders report issued Friday showed that funds had shifted from being net long in wheat to being in a net short position. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota likes the Minneapolis hard red spring contract versus the other futures contracts. Georgantones; "I think the wheat at Minneapolis will hold in fine here because I don't think we'll see the acres there on this report coming out Friday. And I like being long Minneapolis against Chicago." And against Kansas City. On Monday Chicago May wheat was down 3 ½ cents at 4-58. May corn down 12 ¼ at 3-91. Portland cash soft white wheat five to six cents lower at mostly 5-90. Club wheat 5-90. August new crop soft white one to six cents lower at 5-14. HRW 11.5 percent protein six to eight cents lower at 5-75. Dark northern spring 14% protein unchanged to down two at 5-98. Barley at the coast 170 dollars a ton. August at 155. Cattle futures were mostly higher Monday. The exception being nearby April live cattle. Traders mulled over Friday's Cattle on Feed report. Wholesale beef prices were supportive. Feeder contracts benefited from the big drop in corn. April live cattle down a nickel at 98-05. April feeders up 117 at 106-30. April Class III milk up six cents at 15-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.