05/09/07 Planting progress and crop condition negative for wheat

Market Line May 9, 2007 Wheat futures saw some double digit losses Tuesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says some weekly reports from USDA were a factor. Hoops: "We saw crop ratings improve one percent in winter wheat. Spring wheat seeding was much above expectations. We ended with 11-12 cent losses in Minneapolis. Chicago down 13 and Kansas City down about eight. Funds sold around three-thousand contracts." Good corn planting progress also added pressure to wheat as did continued moisture for wheat in Europe. Dry conditions however remain a concern in Australia. After the close Tuesday Egypt announced a tender for optional origin wheat. Today Stats Canada issues a grain stocks report. Of course this Friday USDA puts out its first estimate of U.S. winter wheat production. On Tuesday Chicago July wheat was down 13 cents at 4-81. July corn down 15 ½ at 3-63 ½. Portland cash soft white wheat steady to two cents lower but mostly 5-98. Club wheat 6-04. August new crop soft white three to five cents lower at 5-22. HRW 11.5 percent protein down a dime at 5-66. Dark northern spring 14% protein down 13 cents at 5-98. Barley at the coast 170 dollars a ton. August at 154. Cattle futures were higher Tuesday on technical factors, higher beef product prices and lower corn futures. June live cattle up 37 cents at 92-32. August feeders up 170 at 111-45. June Class III milk up three cents at 17-88. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.