03/20/06 Weather key to wheat today

Marketline March 20, 2006 Wheat futures had an up day Friday as there was some short covering heading into the weekend. The dry southern Plains wheat belt was forecast to get rain and Vic Lespinasse says how traders interpret what happened over the weekend will determine whether the market is up or down today. Lespinasse: "Watch the weather over the weekend and the forecast Monday morning paying special attention to the forecast for the southwestern wheat belt." By the way the National Weather Service's new long term forecast, April through June for the Plains, calls for below average precipitation. On Friday May Chicago wheat was up 4 ¾ cents at 3-57 ½. May corn down three at 2-21 ½. Portland cash white wheat unchanged to down a penny at mostly 3-51. August new crop unchanged to higher at 3-60 to 3-65. Club wheat 3-91. There was only new crop hard red winter wheat bids with 11.5 percent protein eight cents higher at 4-81. Dark northern spring 14% protein higher at 5-23. No barley bids. Cattle futures closed lower Friday despite better cash fed cattle prices than expected on the week. Declining boxed beef values kept the market on the defensive. April live cattle down 40 cents at 83-03. April feeders down a dime at 105-65. April Class III milk down seven cents at 10-98. That was ahead of the USDA reporting February milk production was up 5.9 percent over February of 2005. Compared to last February milk production in Idaho was up 8.3%, Oregon's was down 1.1% and Washington's down 1.4%. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.