04/17/06 Traders back after holiday weekend

Marketline April 17, 2006 Grain futures traders will be checking the latest weather forecasts as they return from their long Easter weekend. In the last session Thursday wheat futures were lower on profit taking and position squaring ahead of the long weekend. The central and southern Plains had a hot dry forecast going into the weekend which provided some support but longer term forecasts had a chance of precipitation. In the northern Plains concerns remain about planting delays for spring wheat due to wet conditions so traders are watching those forecasts too. USDA will update planting progress after the market closes today plus issue its weekly winter wheat crop condition ratings. In the last trading session Thursday May Chicago wheat down three cents at 3-57 ½. May corn down ¾ at 2-36 ¼. Portland cash white wheat steady at mostly 3-61. New crop August 3-73. Club wheat 3-81. HRW 11.5 percent protein 5-09. Dark northern spring 14% protein 5-57. No Portland barley bids. The fed cattle market was quiet Friday after a big day of trading Thursday with prices at 84 to 84 and a half dollars, mostly a dollar higher than the previous week. Boxed beef was also stronger. Cattle futures had closed mixed Thursday heading into the holiday weekend. Feeder contracts had posted gains helped by pure speculation that a possible new case of BSE in Canada could mean higher cash feeders here if the border was closed. Traders admitted however the chances of another closure were remote. June live cattle were down 38 cents at 75-28. May feeders up 125 at 102-90. May Class III milk down two cents at 10-76. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.