04/18/06 Big losses for hard wheat futures

04/18/06 Big losses for hard wheat futures

Marketline April 18, 2006 Wheat futures were sharply lower Monday with Kansas City and Minneapolis posting double digit losses. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says it was a 6 to 10 day weather forecast from the National Weather Service that sparked a sell off. Hoops: "Forecast for rain for about 80% of the wheat belt gave us weakness in the wheat futures." After the close USDA's weekly winter wheat ratings showed a decline of a couple of points in the good to excellent category from the previous week. Spring wheat planting is running six points behind average at 10 percent complete. On Monday May Chicago wheat down eight cents at 3-49 ½. May corn up a quarter cent at 2-36 ½. Portland cash white wheat two cents lower at mostly 3-63. August new crop two to four cents lower at 3-71. Club wheat 3-83. HRW 11.5 percent protein down 19 cents at 4-90. Dark northern spring 14% protein 17 to 21 cents lower at mostly 5-40. No Portland barley bids. Cattle futures closed higher Monday on ideas that cash fed cattle will be firm to higher this week and with the grilling season at hand beef demand should be stronger over the next few weeks. Canada did confirm its 5th case of BSE but USDA Secretary Mike Johanns doubts that will affect trade between the U.S. and Canada. June live cattle up 20 cents at 75-47. May feeders up 97 at 103-88. May Class III milk up a penny at 10-77. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
Previous Report04/17/06 Traders back after holiday weekend
Next Report04/19/06 Wheat futures rebound