04/12/06 Wheat rally rolls on

Marketline April 12, 2006 It was another strong up day for wheat futures Tuesday with Portland bids benefiting from the higher contracts. The driving force remains the contrast of dryness in the southern Plains and too wet of conditions in the northern spring wheat belt. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says Texas has estimated its winter wheat crop at only 41 million bushels. Georgantones: "And that is about 10-million less bushels than what the trade was looking at. Last year Texas had about 96 million bushels so this is clearly half a crop is basically what it comes down to." Georgantones says all wheats are over bought but should be supported on pull backs. On Tuesday May Chicago wheat was up 6 ½ cents at 3-67 ½. May corn up ¾ at 2-42. Portland cash white wheat steady to seven cents higher at mostly 3-63. August new crop unchanged to higher at 3-74. Club wheat 3-83. HRW 11.5 percent protein higher at 5-14. Dark northern spring 14% protein up a nickel at 5-63. No Portland barley bids. Nearby cattle futures were higher Tuesday with more deferred contracts mixed. Short covering was cited as a factor. Traders are waiting on the cash fed market. June live cattle up a dime at 74-95. May feeders up three cents at 100-93. May Class III milk down a nickel at 10-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.