04/27/07 Wheat futures higher; cattle lower

Market Line April 27 , 2007 Chicago and Minneapolis wheat futures closed mostly higher Thursday with Kansas City mixed. Chicago did hit another new high before backing off. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says weather concerns in Europe offered support. Chiodo: "Their wheat and feed markets had hit new highs overnight. They are concerned about the dryness in parts of Europe and the possibility that their crop might come up a little bit short. Wheat seems like it is going to continually stay pretty strong here. Folks strongly into the corn-wheat spread early in the week are now in the wheat-corn spread later in the week here." Weekly export sales for wheat came in yesterday at 421,200 tons which was above trade expectations. On Thursday Chicago July wheat was up a half cent at 5-21. July corn down 6 ½ at 3-75 ¼. Portland cash soft white wheat steady to three cents lower at mostly 6-12. Club wheat 6-12. August new crop soft white two to there cents higher at 5-50. HRW 11.5 percent protein one to five cents lower at 5-99. Dark northern spring 14% protein mixed at 6-29. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were mostly lower Thursday. Cash fed cattle traded steady with last week at 96 dollars a hundredweight. Boxed beef was lower again. June live cattle down 62 cents at 92-70. August feeders down two cents at 110-97. June Class III milk up 16 cents at 17-74. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.