04/23/07 Another drop in winter wheat ratings expected

Market Line April 23 , 2007 Wheat futures extended their gains Friday over the continuing concerns about the impact of the recent freeze on winter wheat in the central U.S. Ryan Kilbrantz of ADM says another drop in winter wheat ratings is expected in USDA's weekly crop report due out after the market closes today. Also; Kilbrantz: "Spring wheat planting should make good progress. That should reflect in Monday's planting number. And we are going to wait for the fundamental news from Stats Canada when they release planting intentions of their field crops on Tuesday." Dryness concerns in Europe, the Ukraine and Australia are also said to be underpinning the market. On Friday Chicago July wheat was up seven cents at 5-14 ¾. July corn down 10 ¼ at 3-72. Portland cash soft white wheat steady to two cents higher at mostly 6-09. Club wheat 6-09. August new crop soft white three to seven cents higher at 5-39. HRW 11.5 percent protein three to nine cents higher at 6-13. Dark northern spring 14% protein four cents higher at 6-19. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were lower Friday on lower cash fed cattle sales, 96 dollars, falling beef cut out values and nervousness ahead of the Cattle on Feed Report. In that report USDA pegged the feedlot inventory on April first down one percent from a year ago. March placements up seven percent and marketings down six percent. Ahead of the report June live cattle down 45 cents at 92-27. August feeders down 40 at 110-75. June Class III milk up 32 cents at 17-37. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.