03/21/06 Snow, rain affect wheat futures

Wheat futures closed lower on Monday. Rain and snow in the Plains weighed heavily on futures. Kansas City and Minneapolis futures fell to the lowest level since mid February and Chicago dipped to the lowest level since the first of February. Chicago May wheat was down 7 1/4 cents at $3.50 ¼. Joe Victor at Allendale Associates says for the past ten years there are some 50/50 odds to consider. VICTOR "When you compare the potential for this Friday's close to where futures closed last Friday odds for many of the grains 50 percent odds of a higher close, 50 percent odds of a lower close and to add a little bit of insult to injury add the fact that the risk to reward is about dead even." . May corn closed 3 1/4 cents lower at $2.18 1/4. Portland cash white 3.52 Pacific Northwest HRW 11.5 percent protein August new crop down .09 to 4.65 Dark Northern Spring 14 percent protein mostly 5.17, off .05 Cattle futures were higher on Monday. Heavy snow in the Plains cattle feeding region boosted futures amid ideas that the storm would slow weight gains. However, early gains were trimmed with news that transportation snarls will curtail the slaughter pace for a couple of days. April cattle were up 32 points at $83.35. June climbed 25 points to close at $78.12. April feeders $106.90 up .25. April Class III milk at Chicago down .10 to 10.88.