04/13/07 Wheat futures up; losses in cattle

Market Line April 13, 2007 A good weekly export sales report and weather helped wheat futures close higher Thursday. New forecasts of cold weather in the U.S. winter wheat belt was supportive. Weekly wheat export sales also came in above trade expectations. Joe Victor of Allendale Incorporated says there are some weather issues to watch elsewhere around the world too, like Australia, which is trying to recover from last season's severe drought. Victor: "Those farmers are expected to be in the fields right now and the only place in that entire country in the wheat region that has had any kind of relief has been the extreme eastern fringe areas, New South Wales and Queensland. However, the majority of the wheat is raised in western Australia and that thing is absolutely, seriously in a drought." Victor also mentions France starting to turn a little dry while cool wet conditions are a concern in Canada. On Thursday, Chicago May wheat was up 1 ¾ cents at 4-58. May corn down two at 3-58 ¼. Portland cash soft white wheat steady to two cents higher at mostly 5-94. Club wheat 5-94. August new crop soft white unchanged to down a penny at 5-06. HRW 11.5 percent protein nine to 11 cents higher at 5-93. Dark northern spring 14% protein up two cents at 6-12. Barley at the coast 170 dollars a ton. August at 152. Cattle futures posted heavy losses Thursday on speculative liquidation. Some cash fed cattle sales were also reported one to two dollars lower than last week. June live cattle down 215 at 94-37. May feeders down 280 at 108-40. May Class III milk down seven cents at 16-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.