03/08/06 Wheat futures mixed; cattle still down

Marketline March 8, 2006 Wheat futures were mixed Tuesday with late selling pressure erasing gains from declining winter wheat crop conditions in the Plains. With better chances of rain in the Plains into next week, Kansas City saw losses. Citing weekly crop reports, Peter Georgantones of Investment Trading Services in Minnesota, says a lot of the hard red winter wheat crop is still in terrible condition. Georgantones: "I mean 70 percent of Oklahoma's wheat is in poor to very poor condition and about 30% of Kansas is in that frame and we know how bad Texas is. I think it is 88 and 89% very poor. It has the market firm and it is going to be hard to sell it off until you get some sizeable rains come through that area." On Tuesday May Chicago wheat was up a penny at 3-81. May corn down 2 ¼ at 2-30 ½. Portland cash white wheat steady to a penny lower at mostly 3-68. August new crop mixed at 3-71 to 3-80. Club wheat 4-09. HRW 11.5 percent protein down a penny at 4-81. Dark northern spring 14% protein mixed at 5-38. No barley bids. Cattle futures continued their downward trend Tuesday with heavy technical selling hitting the market as speculative longs threw in the towel. Sharp losses in lean hog contracts were also cited as a factor for cattle and contract rolling was a feature. April live cattle down 93 cents at 84-78. April feeders down 75 at 106-20. April Class III milk down a penny at 10-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.