03/28/06 Wheat futures lower; COF pressures cattle

Marketline March 28, 2006 Wheat futures posted modest losses Monday. Forecasts continued to call for some precipitation for the Plains later this week. There was also news Egypt purchased 120-thousand tons of French wheat. Weekly export inspection at 15.2 million bushels were within trade expectations. Vic Lespinasse of A. G. Edwards at the Chicago Board of Trade, says weather will continue to be a focus and upcoming USDA reports are also on the minds of traders. Lespinasse; "The main thing though this week will remain Friday morning. That is when the big USDA reports will be out, Quarterly Stocks as well as Planting Intentions." Private estimates are looking for more spring wheat and soybean acreage than last year with fewer corn acres. On Monday May Chicago wheat was down 2 ¾ cents at 3-39 ¾. May corn up three at 2-21 ¾. Portland cash white wheat for April two to six cents higher at mostly 3-56. August new crop unchanged to higher at 3-66. Club wheat 3-60. HRW 11.5 percent protein mixed at 4-53. Dark northern spring 14% protein mixed at 5-19. No Portland barley bids Cattle futures closed lower Monday setting new contract lows across the board. Pressure came from Friday's USDA Cattle on Feed Report which confirmed the bearish supply outlook. June live cattle down 82 cents at 76-08. May feeders down 80 at 104-18. May Class III milk down 11 cents at 10-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.