07/19/05 Corn going up, live cattle coming down

Wheat futures turned higher in late trading on Monday. Aggressive short covering after early weakness failed to attract any follow through selling. Corn futures ended higher on Monday, September corn 2.60, up .02 ¼ with support coming from forecasts for continued, hot, dry conditions across the Corn Belt Bill Mendenhall of Agrisource says that corn price is linked to the Northwest. MENDENHALL "Getting it up around to 2.75 to 3 dollars on the board of trade per bushel we may actually start to see soft white wheat be sold to the feed lots. It may be fed and not used as milling wheat." On Monday Chicago September wheat was up .03 ¾ at 3.52 ¼. Portland cash white 3.70 August new crop off .03 at 3.68 Club White also down .03 to 3.76 Pacific Northwest HRW 11.5 percent protein 4.05 Dark Northern Spring 14 percent protein mixed, mostly 4.67 Export barley $102 /ton Live cattle futures slipped to a lower close amid concerns that Canadian imports will pressure cash markets lower. Cattle supplies are seasonally large and the prospect for Canadian cattle imports to increase the next few weeks doesn't a lot of optimism. August live cattle down .03 at 78.50. August feeders up .05 to 106.20. August Class III milk at Chicago down .06 to 14.63.