03/27/06 Weather and USDA reports market focus

03/27/06 Weather and USDA reports market focus

Marketline March 27, 2006 Grain futures traders will begin anticipating USDA's stocks report and planting intentions due out this Friday. Weather will also be a key. Andy Schisler of E-Trader at the Chicago Board of Trade says forecasts for widespread rain in the Plains this week pressured wheat Friday. Schisler: "Around the 29th we have potential for another drought buster type of storm. This last one saved the market. This one here has another chance to take another significant amount of risk premium out of the market and put the wheat crop right back on track." On Friday May Chicago wheat was down 1 ½ cents at 3-42 ½. May corn down a half at 2-18 ¾. Portland cash white wheat for April delivery steady to a penny lower at 3-54. August new crop unchanged to a penny higher at 3-66. No Club wheat bids. HRW 11.5 percent protein 3-52. Dark northern spring 14% protein lower at 5-16. No Portland barley bids Cattle futures hit new contract lows Friday pressured by continued weakness in boxed beef values and long liquidation ahead of the USDA Cattle on Feed Report. That report reinforced the bearish supply situation with the feedlot inventory up eight percent from a year ago and February placements up five percent. Analysts say futures could come under pressure this morning. Ahead of the report, June live cattle were down 65 cents at 76-90. May feeders down 98 at 104-97. May Class III milk up four cents at 10-93. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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