04/17/07 Market gets weekly winter wheat ratings

After the future market closed Monday USDA's weekly crop ratings showed a nine point drop in the good to excellent category for the U.S. winter wheat crop. Trade estimates were a five to ten point drop so we'll see how the market reacts today. Wheat futures closed lower Monday as traders awaited the condition report. Jim Shroyer, Kansas State University extension agronomist, says it could be a while yet though before the extent of the Easter freeze damage is known. Shroyer: "I think we are going to see quite a bit of tiller loss in individual fields. Quite a bit more than I anticipated. But you knokw 20, or 30 or 40% tiller loss doesn't necessarily translate into 20, or 30 or 40% yield loss. If it stays cool we are hoping that those other tillers that weren't damaged will come on and compensate for those that were damaged." On Monday Chicago May wheat was down 3 ¼ cents at 3-75 ¼. May corn down 4 ¾ at 3-64 ¼. Portland cash soft white wheat one to four cents higher at mostly 5-99. Club wheat 5-99. August new crop soft white two to three cents lower at 5-23. HRW 11.5 percent protein two to four cents lower at 6-03. Dark northern spring 14% protein down four cents at 6-16. Barley at the coast 170 dollars a ton. August at 152. Cattle futures closed slightly higher Monday but traders are less optimistic about cash fed cattle prices this week. June live cattle up 20 cents at 92-90. May feeders up 80 at 108-52. May Class III milk down a dime at 16-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.