05/20/05 Midwest rain pressures wheat

05/20/05 Midwest rain pressures wheat

Marketline May 20, 2005 Wheat futures closed lower Thursday. Ryan Kilbrantz of ADMIS in Minneapolis, says the weekly export sales report was disappointing for wheat and the Midwest is getting rain. Kilbrandz: "Weatherwise we are seeing the Midwest-Delta getting some scattered showers into the weekend with 90% coverage. Down in the southern and central Plains there are still seeing some dry areas. Light showers are expected with only 20% coverage. Long term sentiment remains bearish due to the large world production numbers and increasing stocks." There was a wire service report this week quoting a Cargill official in India as saying India may need to import wheat late this year because demand is outstripping supply. On Thursday Chicago July wheat was down 5 ½ cents at 3-09 ½. July corn down 1 1/4 at 2-09 ½. Portland cash white wheat steady to two cents lower but still mostly 3-88. New crop August 3-72. Club wheat 3-91. PNW HRW 11.5 percent protein lower at 4-01. Dark northern spring 14% protein lower at 4-93. Export barley 104 dollars a ton. At auction this week, 400-500 pounds steers 137 to 155 at Madras, Oregon, 130 to 140 at Idaho Falls. Seven to eight weight steers 115 to 120 at Madras, 105 to 115 at Idaho Falls. Dressed based fed cattle sales in the Plains yesterday were two dollars lower than last week with trading still quiet in the southern Plains. Boxed beef was firm. Cattle futures were mixed. USDA issues a Cattle on Feed Report this afternoon. June live cattle down 25 cents at 85-82. Aug feeders unchanged at 112-32. June Class III milk down 32 cents at 13-84. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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