4/20/07 Production worries rally wheat futures

Market Line 20, 2007 Winter wheat futures soared higher Thursday with spring wheat at Minneapolis posting smaller gains. There are still remaining concerns about the impact of the recent freezing weather on the winter wheat in the Plains and Midwest. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says there are concerns about wheat production elsewhere in the world too. Kilbrantz: "Australian wheat areas are forecast for warm and dry conditions through the weekend. There are some concerns about the crop there." Last year's drought continues to linger in Australia and the country's Prime Minister said this week that unless rain falls within weeks irrigation will be cutoff. Dryness in the Ukraine and Germany are also being watched. On Thursday Chicago May wheat was up 21 ½ cents at 4-96. May corn up 7 ¾ at 3-71 ¼. Portland cash soft white wheat steady to a penny higher at mostly 6-08. Club wheat 6-08. August new crop soft white bids reached new highs at 5-32. HRW 11.5 percent protein eight to 16 cents higher at 16-05. Dark northern spring 14% protein three to eight cents higher at 6-15. Barley at the coast 170 dollars a ton. August at 152. The cattle pit is awaiting this afternoon's USDA Cattle on Feed report. Yesterday both live and feeder contracts were mostly lower. With slaughter numbers rising the idea is beef cut outs will continue to lose money. June live cattle down a dime at 92-72. May feeders down 22 at 108-07. May Class III milk up 45 cents at $17. USDA reported this week that milk production during March in the major producing states was up 1.1 percent from March of 2006. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.