04/18/07 Wheat futures mixed; cattle higher

Market Line April 18, 2007 Wheat futures surged higher in early trading Tuesday on the drop in weekly winter wheat crop ratings, down from 64 percent good to excellent to 55 percent. However only Chicago contracts managed to hang on to close higher. The percentage of good to excellent wheat in Kansas is now below that of last year at this time when there was a serious drought there but current weather is seen as favorable for recovery from the freeze. Still Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says the situation bears watching. Kilbrantz: "And I'd watch weather and crop conditions. They should continue to influence prices while liquidation and rolling positions in May continues. We are going to see how the freeze damage in the U.S. crop is becoming more evident and the results there should impact prices." On Tuesday Chicago May wheat was up 2 ¼ cents at 4-77 ½. May corn down 11 cents at 3-53 ¼. Portland cash soft white wheat steady to five cents higher at mostly 6-04. Club wheat 6-04. August new crop soft white two to three cents higher at 5-25. HRW 11.5 percent protein down 3-5 cents at 5-98. Dark northern spring 14% protein down four cents at 6-12. Barley at the coast 170 dollars a ton. August at 152. Cattle futures closed higher Tuesday. Short covering was cited as a factor and the drop in corn futures helped. Cash fed cattle are expected to trade about steady this week. June live cattle up 37 cents at 93-27. May feeders up 82 cents at 109-35. May Class III milk up 29 cents at 16-64. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.