05/14/07 Old crop soft white drops; new crop up

Market Line May 14, 2007 Despite higher wheat futures Friday, Portland cash soft white wheat bids for old crop dropped 13 to 15 cents a bushel though new crop bids were higher. USDA Market News points to pressure on old crop from the approaching new crop, limited export demand and a slight increase in farmer selling of old crop. Wheat futures were generally higher after the USDA reports Friday. Wheat got some support from corn on a larger than expected projection for ethanol use. USDA's winter wheat production estimate of 1.6 billion bushels was actually viewed as somewhat bearish. But what jumped out for Kent Beadle of Country Hedging was the decline in new crop world wheat ending stocks, down to 113.3 million metric tons. Beadle: "It makes me feel like we have some up side potential in wheat because we really need to get this crop grown and in the bin given that kind of ending stocks number." On Friday Chicago July wheat was up 11 ½ cents at 4-93. July corn up 14 ¾ at 3-69 ¼. Portland cash soft white wheat lower at 5-83. Club wheat 5-89. August new crop soft white higher at 5-26. HRW 11.5 percent protein up a nickel at 5-64. Dark northern spring 14% protein up nine cents at 6-07. Barley at the coast 170 dollars a ton. August at 154. Live cattle futures closed higher Friday with feeder contracts firm. Last week's cash fed market and beef values helped live cattle while higher corn weighed on feeder contracts. June live cattle up 70 cents at 93-40. August feeders up a dime at 112-85. June Class III milk up a dime at 18-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.