03/24/06 Weather pressures wheat futures

Marketline March 24, 2006 Wheat futures posted losses Thursday with Kansas City and Minneapolis leading the way. Another round of light snow in the Plains and forecasts for more precipitation next week pressured wheat. Weekly export sales were within trade expectations. Joe Victor of Allendale Incorporated says next week we'll get the planting intentions report. He says Allendale is looking for total U.S. wheat acreage of 57.9 million, the second lowest in 30 years. Victor: "The trend yield plus our acreage estimates, we are looking at a 2.122 billion bushel prospect. That would be slightly better than last year's 2.105 billion bushels." Corn and soybean futures were impacted for a time by rumors of a case of bird flu in Mexico which turned out to be a hoax. On Thursday May Chicago wheat was down 5 ¼ cents at 3-44. May corn down 3 ¼ at 2-19 ¼. Portland cash white wheat for April steady to a penny lower at 3-54. August new crop unchanged to lower at 3-66. No spot Club wheat bids. August new crop HRW 11.5 percent protein down 11 cents at 4-69. Spot Dark northern spring 14% protein lower at 5-17. No barley bids. Cattle futures were mostly higher Thursday helped by a steady cash trade and lighter than expected supplies in the Cold Storage report. Boxed beef isn't showing much price strength despite an eight percent drop in slaughter this week. April live cattle up 30 cents at 83-28. April feeders up 13 at 105-95. April Class III milk up six cents at 10-95. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.