04/13/05 Crop ratings pressure wheat

Marketline April 13, 2005 Lack of firm export demand and USDA's report of a winter wheat crop that is 70% good to excellent pressured wheat futures mostly lower Tuesday, though Chicago saw some late buying. Spring wheat planting progress is also good at 12 percent complete to start the week. Many wheat areas have also received beneficial moisture. Reports that cash wheat prices inside China are under pressure was also viewed as a negative for demand. At the Minneapolis Grain Exchange, Ryan Kilbrandt's view of the wheat market hasn't changed. Kilbrandt: "Watch...early weather. Conditions are mostly favorable and I think that is going to pressure market prices. I think we should see some technical support at these levels, but without a weather disruption look for the market to grind lower." On Tuesday Chicago May wheat was down 2 1 /2 cents at 3-11. May corn up a penny at 2-06 3/4. Portland cash white wheat steady to a penny lower at mostly 3-91. New crop August white wheat lower at 3-74. Club wheat 3-95. PNW HRW 11.5 percent protein higher at 4-04. Dark northern spring 14% protein unchanged to higher at mostly 4-78. Export barley 104 dollars a ton. At auction this week seven to eight weight steers were 97 to 99.25 at Davenport, Washington. The Plains fed cattle trade remained at standstill Tuesday. Boxed beef was weak to lower. Aggressive fund buying pushed cattle futures higher. The board's discount to cash and expectations of a steady cash trade this week also helped. June live cattle up a dollar at 84-67. May feeders up 117 at 106-15. May Class III milk up 26 cents at 14-61. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.