04/04/06 Wheat futures lower; live cattle up

Marketline April 4, 2006 Wheat futures started the month of April off lower. Weekend rain in Kansas and Oklahoma pressured the market and weekly export inspections were lower than expected. After the close USDA reported U.S. winter wheat ratings with 38 percent of the crop good to excellent and 31 percent poor to very poor. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says there is a lot of commentary about the market needing to buy spring wheat and corn acres and reduce soybean plantings given USDA's planting report last week. Chiodo say with the beginning of a new quarter there are also expectations about index fund money. Chiodo: "The trade is expecting pretty good index money to be coming in and that all trades from the long side of the commodities here." On Monday May Chicago wheat was down 5 ¾ cents at 3-42. May corn up a half at 2-36 ½. Portland cash white wheat mixed at mostly 3-55. August new crop unchanged to lower at 3-66. Club wheat 3-82. HRW 11.5 percent protein lower at 4-72. Dark northern spring 14% protein down a penny at 5-36. No Portland barley bids. Live cattle futures had a modest rebound Monday from last week's oversold condition. The futures discount to cash and higher boxed beef values provided fundamental support. June live cattle up 40 cents at 74-75. May feeders down 30 at 101-45. May Class III milk unchanged at 10-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.