04/24/07 Wheat, corn have a down day

Wheat futures closed lower on the day. Export inspections were disappointing  13.1 million bushels inspected while expectations were for 15-20 mbu number. On Monday Chicago July wheat was down 9 ¼ to 5.05 ½. Analyst Mark Chido says that some market forecasters have taken a look at the winter wheat crop in places hit by a recent freeze. CHIDO "Recovering nicely and not hurt quite as bad as everyone thought. In addition to that since we had what look to be a record wheat crop the bushels that we lost brings us back to an average crop here now so." July corn also lost ground, down 8 to 3.64. Portland prices down 6 to ten cents from Friday's close, Soft white mostly 6.08 August new crop soft white 5.28 Club White 6.08 Pacific Northwest HRW 11.5 percent protein 6.03 Dark Northern Spring 14 percent protein. 6.07 Live cattle closed higher Monday. Higher cash beef prices, outlooks for firm cash cattle trade this week, and the resumption of exports to South Korea all helped live cattle trade higher. June live cattle up .87 to 93.15 August feeders up 1.72 to 112.47. June Class III milk at Chicago closed at 17.47 up a dime. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.