05/25/07 Rains in the Plains helps wheat futures

Market Line May 25, 2007 Wheat futures posted strong gains Thursday. Rains in the Plains were reported to have caused flooding and lodging of some wheat in Kansas and Nebraska where the winter wheat is nearly mature. New highs for French wheat futures as well as the USDA reporting weekly wheat export sales of over 663-thousand metric tons added to the bullish tone. Markets will be closed Monday and Ryan Kilbrantz details what he expects heading into the three-day weekend. Kilbrantz: "Weather and outside markets are going to continue to add to the volatile wheat markets as we move into summer. I would expect to trading near where we are right now with kind of a range bound trade ahead of the weekend. I look for a quiet trade as well." On Thursday Chicago July wheat was up 14 ½ cents at 4-91. July corn up eight at 3-76 ¼. Portland cash soft white wheat and club wheat steady to two cents higher at mostly 5-62. August new crop soft white 8-11 cents higher at 5-24. HRW 11.5 percent protein up 12 cents at 5-65. Dark northern spring 14% protein up a dime at 6-03. Barley at the coast 164 dollars a ton. August at 155. Cattle futures were lower Thursday. Some early cash fed cattle sales were reported at $3.50 lower a hundredweight than the previous week and boxed beef continued downward. Higher feed grains was added pressure for feeder contracts. June live cattle down 75 cents at 91-10. August feeders down 112 at 111-60. June Class III milk up 32 cents at 19-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.