05/01/07 Wheat futures lose as funds sell

Market Line May 1, 2007 Wheat futures saw some heavy loses Monday with Minneapolis spring wheat contracts fairing the best. Commentators pointed to month-end position squaring by the funds, but rain showers in Australia were seen as negative as well as forecasts for rain for dry areas of Europe. Weekly export inspections for wheat came within trade expectations. The trade was looking for the winter wheat ratings to be about unchanged. After the close USDA reported winter wheat in good to excellent condition up two points from last week. The Wheat Quality Council crop tour begins today in Kansas and the trade will be following that this week. On Monday Chicago July wheat was down 17 cents at 4-95 ½. July corn down 6 ¼ at 3-67 ½. Portland cash soft white wheat six to seven cents lower at mostly $6. Club wheat $6. August new crop soft white five to 13 cents lower at 5-30. HRW 11.5 percent protein 5-80. Dark northern spring 14% protein 6-22. Barley at the coast 170 dollars a ton. August at 152. Cattle futures had strong gains Monday. Lower corn futures helped both live and feeder contracts. Funds were also buyers of live cattle. The shipment of some U.S. beef to South Korea was also supportive. June live cattle up 57 cents at 92-60. August feeders up 137 at 112-85. June Class III milk up 61 cents at 18-57. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.