03/28/07 Good crop outlook pressures wheat

Market Line March 28, 2007 Wheat futures were lower again Tuesday. Reports from hard red winter states in the Plains showed improvement in crop ratings there from last week and the ratings are of course way above last year's. The outlook for a big crop pressured contracts. There was little news on the export front. In fact Egypt had cancelled a tender saying prices were too high. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says the market is waiting for the USDA planting report later this week. Georgantones: "I look at this market, just position squaring a little bit before the crop report Friday. It is going to be a significant report. No question about it. Again I don't expect to see much direction til we get some numbers on Friday. We'll go from there." On Tuesday Chicago May wheat was down four cents at 4-54. May corn up 1 ½ at 3-92 ½. Despite lower futures Portland cash soft white wheat was two to five cents higher at mostly 5-91. Club wheat 5-91. August new crop soft white two to six cents lower at 5-08. HRW 11.5 percent protein four to five cents lower at 5-70. Dark northern spring 14% protein unchanged to down a penny at 5-96. Barley at the coast 170 dollars a ton. August at 155. Cattle futures saw triple digit losses Tuesday. Falling boxed beef values were cited as the culprit. Some cash fed sales were reported at 96 dollars. April live cattle down 122 at 96-82. April feeders down 107 at 105-22. April Class III milk down eight cents at 15-60. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.