03/02/06 Wheat posts losses; cattle mixed

Marketline March 2, 2006 Wheat futures were sharply lower Wednesday with Minneapolis posting double digit losses. There was technical weakness from Tuesday's close and Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says a wetter forecast for dry areas of the Plains was a negative. Chiodo: "Better chances for rain in the western wheat belt caused an awful lot of selling. Funds were heavy sellers there. And cash players were also pretty good sellers in those two pits. Chicago more or less followed along." Chiodo says if the Plains get some decent moisture some analysts are saying futures could drop 30 to 40 cents. On Wednesday May Chicago wheat was down seven cents at 3-74. May corn down 4 at 2-34 ¾. Portland cash white wheat steady to three cents lower at mostly 3-63. August new crop unchanged to lower at 3-73 to 3-77. Club wheat 4-08. HRW 11.5 percent protein down 11 cents at 4-77. Dark northern spring 14% protein down 12 at 5-32. No barley bids. Live cattle futures were mixed Wednesday with feeders higher. The concern about bird flu lent support to deferred live contracts with feeder contracts also getting support from lower feed grains and technicals. April live cattle down 20 cents at 87-03. April feeders up 55 at 107-88. April Class III milk up 22 cents at 11-17. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.