04/06/07 Potential cold helps wheat futures again

Market Line April 6, 2007 Futures exchanges and USDA Market News are closed today for the Good Friday holiday but yesterday wheat futures headed into the long weekend with the second day of good gains. It's weather that's been the focus of the market the past two sessions with sub-freezing temperatures forecast this weekend in both the Plains and Midwest, where winter wheat is developing ahead of the normal pace and can be vulnerable to the cold temperatures. Some of the soft red winter wheat crop is jointing as is the hard red winter wheat in Kansas. Farther south in Oklahoma and Texas some wheat is heading or flowering. In other news the weekly export sales report for wheat was below trade expectations at only 351-thousand tons. On Thursday Chicago May wheat was up 13 ¾ cents at 4-45. May corn up 6 ¾ at 3-66. Portland cash soft white wheat up three cents at mostly 5-80. Club wheat 5-80. August new crop soft white 10-12 cents higher at 4-92. HRW 11.5 percent protein 14 cents higher at 5-79. Dark northern spring 14% protein up 12 at 6-06. Barley at the coast 168 dollars a ton. August at 150. Cash fed cattle sales of 100 dollars a hundredweight in the Plains helped cattle futures close higher Thursday. Boxed beef values had moved up all week and some traders expect that continue next week as retailers begin booking for the post-Easter period. June live cattle up 77 cents at 96-32. May feeders up 35 at 111-85. May Class III milk up 62 cents at 16-07. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.