03/30/07 Planting report out today

Market Line March 30 , 2007 Futures traders will react this morning to USDA's Planting Intentions report. The major focus is on corn acreage as farmers respond to high prices due to ethanol demand. How that will impact spring wheat acres is another question that gets a preliminary answer this morning. Those USDA numbers are just intentions and farmers can change their seeding plans. Wheat futures were higher Thursday heading into the report. Weekly exports came in above trade expectations at 636,500 metric tons. With two months to go in the marketing year U.S. wheat export sales have reached nearly 94 percent of USDA's forecast. The International Grain Council left its forecast for world wheat production for 2007-2008 unchanged at 624 million tons. On Thursday Chicago May wheat was up 4 ½ cents at 4-61. May corn up six at 3-94 ½. Portland cash soft white wheat steady to six cents higher but mostly 5-96. Club wheat 5-96. August new crop soft white unchanged to up two cents at 5-12. HRW 11.5 percent protein one to three cents higher at 5-72. Dark northern spring 14% protein four to five cents higher at 6-06. Barley at the coast 170 dollars a ton. August at 150. Cattle futures were higher Thursday on short covering and fund buying which was described as position squaring prior to the last trading day of March. April live cattle up 20 cents at 96-37. April feeders up 32 at 106-22. April Class III milk up a nickel at 15-73. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.