04/12/07 Pakistan may export wheat

Market Line April 12 , 2007 What futures were lower Wednesday. Weather was a factor again but this time it was bearish as forecast rains for the Midwest and Plains are seen as easing freeze damage. Better planting weather for corn in the week ahead as well as possible Chinese corn exports also pressured wheat. Other negative news included reports that Pakistan is lifting its export ban on wheat and may make up to two million tons available for export. Dry weather is a concern in the Ukraine but that news was offset by a forecast for rain in China's wheat growing areas. This morning traders get the weekly export sales report. On Wednesday Chicago May wheat was down 1 ½ cents at 4-56 ¼. May corn down 8 ¼ at 3-60 ¾. Portland cash soft white wheat two to three cents higher at mostly 4-92. Club wheat 4-92. August new crop soft white unchanged to up two cents at 5-07. HRW 11.5 percent protein unchanged to a penny higher at mostly 5-84. Dark northern spring 14% protein three to four lower at 6-10. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were lower Wednesday despite higher boxed beef values. There are concerns cash fed cattle may have hit a price ceiling. June live cattle down 117 at 94-62. May feeders down 75 at 111-20. May Class III milk down 11 cents at 16-08. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.