04/05/07 Weather helps wheat futures bounce

Market Line April 5, 2007 Wheat and corn futures finally posted some gains Wednesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota said Tuesday that with the exchanges closed Friday there would probably be some short covering heading into a long holiday weekend and he says we saw that yesterday. Hoops: "Funds bought about three thousand contracts on the day. Fundamental background was the fact cold temperatures are entering the Plain states that could hurt some of the winter wheat that has exited dormancy and is trying to grow here now." There is concern not only about some of the Plains hard red winter wheat but also some areas of the soft red winter wheat belt. Emerged corn in the southeastern U.S. is at risk too. India has upped its wheat production forecast but China is expecting a smaller wheat crop than last year. Export wise, Iraq is tendering for 50-thousand tons of U.S. or Canadian wheat. On Wednesday Chicago May wheat was up 12 ¼ cents at 4-31 ¼. May corn up 13 at 3-59 ¼. Portland cash soft white wheat four to five cents higher at mostly 5-79. Club wheat 5-79. August new crop soft white unchanged to six cents higher at 4-80. HRW 11.5 percent protein up 13 cents at 5-65. Dark northern spring 14% protein up 11 cents at 5-94. Barley at the coast 166 dollars a ton. August at 148. Live cattle futures were higher Wednesday with feeders mixed. Better bids from packers helped live contracts while gains in corn put pressure on feeders. June live cattle up 55 cents at 95-55. May feeders down a dime at 75-32. May Class III milk up 11 cents at 15-45. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.