03/29/07 Wheat futures up; cattle mixed

Market Line March 29, 2007 Wheat futures closed mostly higher Wednesday. A sharp sell off in corn had wheat down early yesterday but a surge in soybeans brought wheat futures back. Traders will get the weekly export sales report this morning and then tomorrow the much anticipated USDA plantings intentions report along with quarterly grains stocks numbers. USDA meteorologist Brad Rippey says even the lowest winter wheat crop ratings in the Plains are better than the best of last year there. Rippey: "The range across the seven main Plain producing states goes from South Dakota 46% good to excellent. There's still some lingering drought concerns in western South Dakota. Then on the high end Colorado 82% good to excellent for the wheat condition. That is reflective of some of the snow that fell helping to insulate the wheat and providing good moisture for the crop there." On Wednesday Chicago May wheat was up 2 ½ cents at 4-56 ½. May corn down four at 3-88 ½. Portland cash soft white wheat steady to a nickel higher at 5-96. Club wheat 5-96. August new crop soft white two to three cents higher at 5-10. HRW 11.5 percent protein one to two cents higher at 5-73. Dark northern spring 14% protein up three cents at 5-97. Barley at the coast 170 dollars a ton. August lower at 154. Live cattle futures were mixed Wednesday with feeder contracts higher. April live cattle down 65 cents at 96-17. April feeders up 67 at 105-90. April Class III milk up eight cents at 15-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.