04/02/07 Wheat gets hammered by corn

Market Line April 2, 2007 It was take no prisoners Friday in the grain markets following USDA's Planting Intentions report with corn futures locked limit down the entire session. That contributed to double digit losses in wheat futures. The corn acreage estimate of 90.5 million acres was two million above average pre-report estimates. Spring wheat acres were also a little more than anticipated though wheat stock numbers were friendly. Joe Victor of Allendale Incorporated says the market is now going to focus on weather and if all those corn acres can get planted and he says there could be weather problems for wheat too, with long term forecasts calling for wetter than normal conditions in the northern Plains and Canada. Victor: "By the time that that June report comes out, the Planted Acreage report, there could be a very good shift with a little bit less corn in the prairies and even a little less spring wheat because of too wet of a spring." On Friday Chicago May wheat was down 23 cents at 4-38. May corn down 20 at 3-74 ½. Portland cash soft white wheat bids not well tested but indicated at 13 to 21 cents lower at mostly 5-81. Club wheat 5-81. August new crop soft white down 15-20 cents at 4-92. HRW 11.5 percent protein 12 to 15 cents lower at 5-62. Dark northern spring 14% protein 15-18 lower at 5-86. Barley at the coast 168 dollars a ton. August at 148. Cattle futures posted good gains Friday with the plunge in corn boosting feeder contracts. June live cattle up 92 cents at 94-87. May feeders up 267 at 109-97. May Class III milk up a penny at 15-54. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.