04/11/07 USDA numbers and weather help wheat

Market Line April 11, 2007 Wheat futures posted strong gains Tuesday. Contracts benefited from USDA cutting its projection for U.S. wheat ending stocks by 50 million bushels to 422 million. That's the lowest since 1995-96 and the second lowest since 1973/74. The market continued to react as well to potential winter wheat freeze damage as well. Joe Victor of Allendale Incorporated says this week's crop ratings already showed an impact from the freeze. Victor: "Crop conditions did show winter wheat down seven percent from week earlier values. And of course more specifically the Kansas Ag Statistics Service did suggest that there was a remarkably noticeable downward revision in the crop conditions for winter wheat in the state of Kansas and more likely to come." On Tuesday Chicago May wheat was up 10 ¼ cents at 4-57 ¾. May corn up 5 ½ at 3-69. Portland cash soft white wheat one to four cents higher at mostly 5-90. Club wheat 5-90. August new crop soft white three to five cents higher at 5-05. HRW 11.5 percent protein four to 13 cents higher at 5-88. Dark northern spring 14% protein ten to 15 cents higher at 6-13. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were lower Tuesday as corn futures went higher. Caution about this week's cash cattle trade also weighed on futures. June live cattle down 90 cents at 95-80. May feeders down 80 at 111-95. May Class III milk up a nickel at 16-19. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.