04/30/07 Weather still central to markets

Market Line April 30 , 2007 Futures traders will continue to watch weather this week and Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says not only U.S. weather but the forecasts in Europe too. Chiodo: "They got chances of frost in some areas. They still have some dry areas. It could come to a point where we are watching their weather just as close as we are watching our weather here for the next 60 days or so." Forecasts for hefty rains for the southern and central Plains this week pressured wheat futures lower Friday. Ideas the market was overbought was also cited as a factor behind fund selling. After the close today USDA issues its weekly crop progress and condition report. The pace of corn planting as well as winter wheat crop condition will be closely monitored. On Friday Chicago July wheat was down 8 ½ cents at 5-12 ½. July corn down 1 ½ at 3-73 ¾. Portland cash soft white wheat five to seven cents lower at mostly 6-05. Club wheat 6-05. August new crop soft white seven to eight cents lower at 5-43. HRW 11.5 percent protein four to seven lower at 5-92. Dark northern spring 14% protein four to six cents lower at 6-26. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were higher Friday. There was short covering and expectations for at least a steady fed cattle market this week. June live cattle up 57 cents at 93-27. August feeders up 50 at 114-47. June Class III milk up 22 cents at 17-96. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.