04/04/07 Third down day for wheat futures

Market Line April 4, 2007 Wheat futures closed lower again Tuesday as they have everyday since USDA's planting intentions report last Friday which was particularly bearish for corn and wheat has been a follower of corn as of late. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says about the only fundamentally positive news for wheat is a big Japanese tender coming up this week. Otherwise spring wheat seeding is on pace and the winter wheat is in good shape. Hoops: "Would look for some pressure against these markets. Maybe a little rebound late Thursday ahead of the three-day weekend but I think overall the trend in wheat is down, corn is down and beans are trying to stay higher but eventually will be drug down by the corn." There is some talk about cold temperatures in the central U.S. and south this weekend which could impact wheat and early seeded corn. On Tuesday Chicago May wheat was down nine cents at 4-19. May corn down 8 ½ at 3-46 ¼. Portland cash soft white wheat four to five cents lower at mostly 5-72. Club wheat 5-72. August new crop soft white down four to five cents at 4-80. HRW 11.5 percent protein unchanged to down four at 5-52. Dark northern spring 14% protein five to seven cents lower at 5-80. Barley at the coast 168 dollars a ton. August at 148. Cattle futures were mixed Tuesday. This despite calls for a higher cash fed cattle trade this week. Long liquidation and profit taking were cited as factors. June live cattle down 140 at 95 dollars. May feeders up 30 cents at 111-52. May Class III milk down a penny at 15-34. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.