03/17/06 Wheat futures sink on weather

Marketline March 17, 2006 Wheat futures continued their week long decline Thursday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says it's the wet forecasts for the Plains that's driving wheat down. Hoops: "Rains are expected to fall this weekend, early part of next week and then chances of snow or rain across the Midwest growing regions next week and that is what is continuing to weigh on prices. Until we see more of a drying pattern or some hot and dry temperatures forecast again it is hard to imagine the funds will be stepping in and aggressively buying this market." Egypt finally bought some U.S. soft white wheat this week, 60-thousand tons but they also purchased 60-thousand from France and agreed to buy 100-thousand tons from Syria. On Thursday May Chicago wheat was down 9 ¼ cents at 3-52 ¾. May corn down 4 ¾ at 2-24 ½. Portland cash white wheat steady to a penny lower at mostly 3-51. August new crop unchanged to a penny lower at 3-58 to 3-65. Club wheat 3-91. HRW 11.5 percent protein no spot bid but new crop was a nickel lower. Dark northern spring 14% protein down nine cents at 5-19. No barley bids. Cattle futures were mixed Thursday but feeder contracts were higher on lower feed grains and ideas precipitation in the Plains means less of a rush of cattle to feedlots. The fundamentals for live cattle remain bearish. April live cattle up 43 cents at 83-43. April feeders up 90 at 105-75. April Class III milk down a nickel at 11-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.