06/16/05 Row crop weather helps wheat

06/16/05 Row crop weather helps wheat

Marketline June 16, 2005 The weather looks good for wheat harvest in the Plains, which is bearish prices, but weather concerns for corn and soybeans spilled over to help wheat futures post good gains Wednesday. But Brian Hoops of Midwest Market Solutions thinks we'll see a pull back if not today later this week as cooler temps enter the forecast for the cornbelt. Hoops: "So we will see if we can sustain any of these gains in these lofty areas or if we start to pull back. My guess is by this weekend we will start to pull back as we take some premium out of prices." In global wheat news the French state grains board said their domestic soft wheat production this year could reach a record 38.5 million metric tons. They have record planted acreage. Chinese officials said they expect their wheat harvest to be complete around June 25th with the crop up one percent from last year. On Wednesday Chicago July wheat was up seven cents at 3-23. July corn up 5 1/4 at 2-24 ½. Portland cash white wheat up a penny at mostly 3-86. New crop August 3-77. Club wheat 3-92. PNW HRW 11.5 percent protein higher at 4-02. Dark northern spring 14% protein higher at 5-18. Export barley 102 dollars a ton. Cattle futures were lower Wednesday pressured by news of lower cash prices in Nebraska. The uncertainty regarding BSE also continues to hang over the market. It was the lowest close for live cattle in over a year on the weekly charts. Aug live cattle down 47 cents at 80-20. Aug feeders down 50 at 108-75. July Class III milk up two cents at 14-08. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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