04/11/06 Big gains for hard wheat futures

Marketline April 11, 2006 Wheat futures were sharply higher Monday with Kansas City and Minneapolis posting double digit gains. KC July was up 21 cents. USDA's supply and demand report was friendly for wheat with ending stocks trimmed by 10 million bushels. But Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says its really, weather, weather, weather, that has the attention of traders. Georgantones: "We are hot and dry at a very critical point here in the winter wheat belt. We are losing bushels and that is what the market is focusing on right now." After the close USDA's weekly crop ratings did show some improvement in the winter wheat condition from last week. Wet conditions have spring wheat seeding getting off to slow start. On Monday May Chicago wheat was up 9 ¾ cents at 3-61. May corn down 1 ¾ at 2-41 ¼. Portland cash white wheat steady to two cents higher at mostly 3-61. August new crop three to four cents higher at 3-72. Club wheat 3-81. HRW 11.5 percent protein as much as 18 cents higher at 4-81. Dark northern spring 14% protein 10 to 15 cents higher at 5-66. No Portland barley bids. Cattle futures were lower Monday after contracts failed to find chart support. This was despite higher cash and boxed beef prices late last week. Cattle slaughter was curtailed Monday due to absenteeism of employees attending immigration rallies. June live cattle down 138 at 74-85. May feeders down 128 at 100-90. May Class III milk down three cents at 10-87. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.