04/21/06 Gold, silver push wheat futures lower

Wheat futures were mixed on Thursday. Ryan Smith of Midwest Market Solutions says a steep break in gold and silver futures spilled over into the grain and soybeans. SMITH "Gold was down about 13 dollars. Silver was down over two dollars which is the biggest move I've ever seen the silver market have and the biggest one day move that its ever had in history and overall the funds were sellers of wheat. 2500 contracts in Chicago, about two thousand contracts in Kansas City. Market closed unchanged to a little lower in those two markets. Minneapolis up a couple of cents." On Thursday Chicago May wheat was down 1 ¾ at 3.53. May corn down 2 ¾ at 2.35 ¾. Portland cash white unchanged at 3.61 Club White mostly 3.81. Pacific Northwest HRW 11.5 percent protein down .02, mostly 4.97 Dark Northern Spring 14 percent protein up 02 to 5.57. Cattle futures closed lower on Thursday. The lack of cash market activity allowed futures to sag lower amid a lack of buying interest. Anticipation of a bearish USDA Cattle on Feed report due out Friday afternoon contributed to the weakness. June live cattle off 1.05 at 75.22 May feeders down .95 at 103.75 May Class III milk at Chicago up .22 to 11.02.