07/18/05 Cattle futures down after court ruling

07/18/05 Cattle futures down after court ruling

Marketline July 18, 2005 Cattle futures closed lower Friday in the first trading session since a U.S. appeals court cleared the way for Canadian live cattle to come to the U.S. Feeder cattle contracts took the hardest hit. USDA Secretary Johanns told reporters Friday Canadian cattle could be crossing the border this week. Canadian steer calves weighing 500-600 pounds have been selling from 90 to 100 U.S. dollars with eight weight steers in the mid 80s. There still a federal trial in Montana on the USDA border rule beginning next week but Secretary Johanns says USDA will fight to keep the cattle moving. At the close Friday, Aug live cattle down 43 cents at 78-53. Aug feeders down 197 at 106-15. Aug Class III milk down 41 cents at 14-63. In the grains, wheat futures again followed corn higher Friday where as Brian Hoops of Midwest Market Solutions explains, the concern remains hot, dry weather for pollination. Hoops: "We do expect the market to try and add some more premium as we move through the pollination period as we are still reducing yield and crop ratings will probably be down Monday as well. Not much in the way of news except that we are trading on weather and that is about the only thing we are looking at, at this point." On Friday Chicago September wheat was up four cents at 3-48 ½. September corn up 71/4 at 2-57 3/4. Portland cash white wheat was steady at mostly 3-73. August new crop 3-72. Club wheat 3-79. PNW HRW 11.5 percent protein higher at 4-03. Dark northern spring 14% protein lower at 4-74. Export barley 102 dollars a ton. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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