04/07/06 Both cattle and wheat futures higher

Marketline April 7, 2006 Wheat futures settled higher Thursday. The weekly export sales report from USDA was at the low end of trade expectations at 274-thousand tons but Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says outside markets like metals, silver over $12 and gold pushing $600, and crude oil, helped wheat as did the weather. Chiodo: "On the weather watch here it turned a little drier in the central Plains and wetter in the northern Plains which is going to help us get an early start up in this area." Chiodo points out Kansas City May wheat moved through 40 and 50 day moving averages. He says we could see some profit taking today. Monday USDA issues its monthly supply and demand report. On Thursday May Chicago wheat up 5 ½ cents at 3-52 ½. May corn up 5 ¼ at 2-41 ½. Portland cash white wheat steady to a nickel higher at mostly 3-59. August new crop unchanged to higher at 3-69. Club wheat 3-79. HRW 11.5 percent protein higher at 4-86. Dark northern spring 14% protein up a nickel at 5-51. No Portland barley bids . Cattle futures have now put in two back to back up days with the higher close Thursday. There were some lower cash fed cattle prices reported but heavy boxed beef movement helped overcome that. June live cattle up 55 cents at 74-60. May feeders up 55 at 100-95. May Class III milk down four cents at 10-86. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.