06/27/05 Awaiting market reaction to BSE positive

06/27/05 Awaiting market reaction to BSE positive

Marketline June 27, 2005 The cattle market begins this week with the news that came after the close Friday that a U.S. cow previously cleared of having BSE, did indeed have the brain disease based on confirmatory testing conducted in England. NCBA economist Gregg Doud was at the Chicago Mercantile Exchange Friday afternoon visiting with traders. Doud: "Their initial reaction certainly seemed to be that while there will be a little bit of reaction at the open Monday they kind of feel like they have seen the seasonal decline that we typically get and that there is probably the potential after an initial phase to get some traction here. So they didn't seem unduly concerned about this issue and based upon the research we have seen on the consumer side there is reason to think that way." Cattle futures were mixed ahead of the news. Aug live cattle down a dime at 79-88. Aug feeders down 45 at 108-45. Cash fed cattle traded Friday at 83 dollars. July Class III milk up 25 cents at 14-44. Wheat futures were higher Friday as the market shrugged off harvest pressure and moved higher along with corn and soybeans which were up on hot dry forecasts for the Midwest this week. Chicago July wheat was up 7 3/4 cents at 3-39 ½. July corn up 6 1/4 at 2-32 3/4. Portland cash white wheat steady to two cents lower at mostly 3-87. New crop August 3-78. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-09. Dark northern spring 14% protein higher at 5-28. Export barley 102 dollars a ton. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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