03/30/06 More wheat for India? A cattle wreck

Marketline March 30, 2006 While wheat futures were mixed at Chicago Wednesday, contracts closed higher in Kansas City and Minneapolis. USDA confirmed a 100-thousand ton sale of hard red winter wheat to Iraq and Vic Lespinasse of A. G. Edwards at the Chicago Board of Trade, says there was other news on the export front. Lespinasse: "Talk that India is considering importing up to two million tons more wheat to rebuild stocks and renewed weather worries with dry weather again gripping the western part of the Southwest winter wheat belt and very little rain in the forecast for that area." Tomorrow of course are some major USDA reports. On Wednesday May Chicago wheat was up a half cent at 3-41 ¾. May corn up two at 2-24 ¼. Portland cash white wheat for April steady to a nickel lower but mostly 3-55. August new crop a penny higher at 3-67. Club wheat for April 3-79. HRW 11.5 percent protein for April higher at 3-62. April Dark northern spring 14% protein up three cents at 5-26. No Portland barley bids Cattle futures were lower again Wednesday with live contracts setting new lows for the third straight session. Some traders are using the term train wreck. Fundamentally, lower boxed beef values Wednesday morning renewed the downward pressure. June live cattle down 65 cents at 74-75. May feeders down 80 at 103-58. May Class III milk up 13 cents at 10-85. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.