04/20/06 A trend change coming for wheat?

Marketline April 20, 2006 Wheat futures were lower Wednesday pressured by forecasts for rain in the Plains next week. Seasonally slow export demand was also cited as a factor. Brain Hoops of Midwest Market Solutions in Yankton, South Dakota says there was also spreading going on. Hoops: "Traders late in the day wanted to buy some Kansas City and sell the July Chicago against it. Chicago did rally a little late in the day and that did help firm up the Kansas City futures. Minneapolis a couple cents lower. We've had an inside day for the second straight day in the wheat and we should see some sort of a change in trend in here. The volatility we've seen over the last several days with sharp gains and losses is usually indicative of market that wants to change its trend" On Wednesday May Chicago wheat down ¼ cent at 3-54 ¾. May corn down ¾ at 2-38 ½. Portland cash white wheat steady at mostly 3-61. August new crop unchanged to a penny lower at 3-70. Club wheat 3-81. HRW 11.5 percent protein lower at 4-99. Dark northern spring 14% protein lower at 5-51. No Portland barley bids. Short covering in reaction to an active wholesale beef trade helped cattle futures close higher Wednesday. Contracts moved above key chart resistance prompting buying. Tomorrow USDA issues a monthly Cattle on Feed report and traders will be watching placement numbers closely. June live cattle up 75 cents at 76-28. May feeders up 60 at 104-70. May Class III milk up four cents at 10-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.