04/12/05 Wheat futures up on little news

Marketline April 12, 2005 Some late fund buying and spillover support from the row crops helped wheat futures close higher at Chicago and Kansas City Monday. Minneapolis contracts were mixed. Ryan Kilbrandt, a trader at the Minneapolis Grain Exchange, says there were no surprises in the weekly export inspections report. Kilbrandt: "Export inspections totaled 17.5 million bushels. That was within trade estimates. For the marketing year we are a little behind last year. We do expect weather to influence short term price direction. Without a weather scare in the major U.S. growing areas I would expect the markets to grind a little bit lower. But the fund activity is the wild card so watch the funds for short term direction. I do think it is a little early to discount a favorable wheat crop so keep that in mind as well." On Monday Chicago May wheat was up 3 ½ cents at 3-13 ½. May corn up 1 3/4 at 2-05 3/4. Portland cash white wheat was steady at mostly 3-92. New crop August 3-75. Club wheat 3-96. PNW HRW 11.5 percent protein higher at 4-01. Dark northern spring 14% protein 4-72. Export barley 102 dollars a ton. The Plains fed cattle trade was at a standstill Monday. Boxed beef was firm on choice, weak on select. Cattle futures were mixed as traders have differing views about this week's cash fed cattle market. Profit taking was also a feature. June live cattle down a nickel at 83-67. May feeders up 17 at 104-97. May Class III milk up eight cents at 14-35. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.