3/15/06 Wheat and cattle lower

Marketline March 15, 2006 Wheat futures closed lower again Tuesday on follow through selling from Monday. Again Kansas City futures suffered the heaviest losses on forecasts for rain in the dry southern Plains and some reports Iraq was seeking Australian wheat. Vic Lespinasse says however some weather forecasts out later in the session reduced precipitation amounts expected in the driest areas of the southern Plains. Lespinasse: "So that took some pressure off the wheat market and allowed prices to recover a bit from their worst levels of the morning. Funds were sellers in wheat but all of that was accomplished early in the day. There was no fund selling pressure later in the day and that also helped the wheat market recover some of its early losses." On May Chicago wheat was down down a nickel at 3-62 ½. May corn up three at 2-31 ¾. Portland cash white wheat two to four cents lower at mostly 3-52. August new crop lower at 3-57 to 3-66. Club wheat 3-92. HRW 11.5 percent protein lower at 4-69. Dark northern spring 14% protein lower at 5-28. No barley bids. Cattle futures opened higher Tuesday despite the USDA confirmation Monday of a new case of BSE in the U.S. Contracts closed mostly lower however with weakness in lean hog futures and lower boxed beef prices cited as factors. April live cattle down 53 cents at 83-10. April feeders down a nickel at 103-38. April Class III milk up a nickel at 11-10. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.