04/25/07 Ratings pressure winter wheat futures

Market Line April 25, 2007 Wheat futures closed mixed Tuesday. Chicago and Kansas City saw profit taking when USDA's weekly rating for the winter wheat crop showed only a one point drop in the good to excellent category. Minneapolis did post some gains getting support from slow planting progress. Mark Chiodo with Slipka Commodities at the Minneapolis Grain Exchange says Stat Canada's report on spring planting intentions also helped spring wheat contracts. Chiodo: "The report says that total wheat acreage should 23.8 million acres or down about 10% from a year ago. And their spring wheat acres they are saying will be down roughly 25% a year ago also. Canola they peg up 12 percent, barley up 13 percent and oats up 20 percent." Canada's dry pea acreage is expected to increase just over two percent. On Tuesday Chicago July wheat was down eight cents at 4-87 ½. July corn up 7 ¼ at 3-71 ¼ . Portland cash soft white wheat steady to a penny lower at 6-05. Club wheat 6-05. August new crop soft white unchanged at 5-35. HRW 11.5 percent protein down 13 cents at 5-94. Dark northern spring 14% protein up a penny at 6-17. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were mixed Monday. Traders are selling April live contracts and buying deferred months. The U.S. will allow the Japanese to do some more auditing of beef plants which could speed up the beef trade with Japan. June live cattle up 15 cents at 93-30. August feeders down 37 at 112-10. June Class III milk down seven cents at 17-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.