03/10/06 Portland white wheat drops a nickel

Marketline March 10, 2006 Traders get USDA's monthly supply and demand update this morning. There was some positioning for the reports in trading yesterday as wheat futures closed mixed. There apparently are different views on the moisture outlook for the Plains, but Peter Georgantones of Investment Trading Services in Minnesota says it hasn't amounted to much in the driest areas. Georgantones: "Range anywhere from two-tenths to an inch of rain but mostly spotty. That was enough to make these funds continue to buy and maybe some commercial buying as well, especially Kansas City that certainly is still the leader. Export sales were nothing to write home about but they usually aren't this time of year. People source wheat from other places instead of us." On Thursday May Chicago wheat was down 3 ½ cents at 3-81. May corn up four at 2-32. Lower Chicago futures, light new export demand and an increase in country selling pressured Portland soft white wheat with bids five to seven cents lower at mostly 3-58. August new crop as much as nine cents lower at 3-62 to 3-70. Club wheat 3-98. HRW 11.5 percent protein 4-84. Dark northern spring 14% protein 5-42. No barley bids. Cattle futures were mixed Thursday. Active wholesale beef movement and news Argentina is halting most beef exports for 180 days to fight inflation provided fundamental support but there wasn't enough buying interest for a meaningful recovery. April live cattle down 18 cents at 83-97. April feeders down 50 at 104-63. April Class III milk down a nickel at 11-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.