05/08/07 Wheat and cattle futures mixed

Market Line May 8, 2007 Wheat futures were lower at Chicago Monday but generally higher at Kansas City and Minneapolis. Expectations for better corn planting weather this week pressured that market which spilled over to wheat. Weekly export inspections for wheat were within trade expectations. After the close winter wheat ratings were issued by USDA. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota has the numbers. Hoops: "Winter wheat ratings were up one percent from last week at 57 good to excellent. Kansas dropped two percent though. Spring wheat seeding is at 68% done versus 62 on average. Corn planting progress at 53%. That is a little above the estimates of 45-50. That is 30% more than a week ago and a little bit less than the five year average as well as last year's 67% completed." On Monday Chicago July wheat was down ¾ of a cent at 4-94. July corn down 11 ¾ at 3-79. Portland cash soft white wheat was mixed at mostly 5-97. Club wheat 6-04. August new crop soft white unchanged to lower at 5-27. HRW 11.5 percent protein up a penny at 5-76. Dark northern spring 14% protein mixed at 6-11. Barley at the coast 170 dollars a ton. August at 154. Live cattle futures closed lower Monday with feeders higher. Feeble cash cattle and beef prices pressured live contracts. Lower corn helped feeders. June live cattle down 22 cents at 91-95. August feeders up 47 at 109-75. June Class III milk down 60 cents at 17-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.