04/19/06 Wheat futures rebound

04/19/06 Wheat futures rebound

Marketline April 19, 2006 Wheat futures closed higher Tuesday recapturing much of the what contracts lost in Monday's sharp drop. There were thoughts Monday's sell off was overdone and Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says weather remains in play. Hoops: "Mainly we are trying to put some premium in the Minneapolis contract. We are seeing snow, rain in the spring wheat belt. We are already behind in the planting pace and will fall further behind this week whereas the hard red winter wheat futures, the forecasts keep changing daily." Hoops says Kansas City futures could be reaching a top. On Tuesday May Chicago wheat was up 5 ½ cents at 3-55. May corn up 2 ¾ at 2-39 ¼. Portland cash white wheat steady at 3-63. August new crop unchanged to higher at 3-71. Club wheat 3-83. HRW 11.5 percent protein up 15 at 5-05. Dark northern spring 14% protein up 12 at 5-54. No Portland barley bids. U.S. Agriculture Secretary Mike Johanns said Tuesday that test results show a 20-month old animal in Japan suspected of having BSE showed negative results for the disease. A positive finding in such a young animal could have had trade implications. Cattle futures meanwhile had some slight gains Tuesday getting support from seasonally stronger beef demand. June live cattle up a nickel at 75-53. May feeders up 22 at 104-10. USDA reported Tuesday that March milk production was up 5.5 percent from March of last year. Ahead of that news May Class III milk was down a penny at 10-76. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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