05/02/07 Crop tour finds freeze damage in Kansas

Market Line May 2, 2007 Wheat futures had a late recovery Tuesday to close mixed on news about freeze damage from the Kansas crop tour. Earlier there had been pressure on wheat from USDA's winter wheat ratings from Monday which showed an improvement in crop condition. Peter Georgantones of Investment Trading Services in Bloomington Minnesota says rains in Europe and Australia were also negative. Georgantones: "But the bottom line was I think the funds now; everybody was short this wheat market before the last rally and know they got blown out of their shorts and they probably still getting blown out of their shorts and starting to build a little bit of a long position here in the wheat. Any king of pull backs I think it is going to be on pretty solid footing right now." Corn was also said to have helped wheat. Monday's USDA report showed corn planting lagging as farmers try to sow record large corn acreage this spring. On Tuesday Chicago July wheat was up 5 ½ cents at 5-01. July corn up a dime at 3-77 ½. Portland cash soft white wheat two to eight cents lower at mostly 5-94. Club wheat 5-94. August new crop soft white mixed at 5-34. HRW 11.5 percent protein unchanged at 5-80. Dark northern spring 14% protein down two cents at 6-20. Barley at the coast 170 dollars a ton. August at 152. Cattle futures were mixed Tuesday. There was support from higher boxed beef prices as well as Tyson and Swift announcing beef shipments headed to South Korea. Funds were rolling from June contracts to August. June live cattle down 25 cents at 93-87. August feeders down 25 at 112-60. June Class III milk up 28 cents at 18-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.