07/25/05 Cattle herd expansion continues

Corn futures ended narrowly mixed on Friday. The market consolidated last week's losses. September ended 1/2 of a cent lower at $2.33 1/2. Soybean futures ended steady to narrowly mixed on Friday. Wheat futures bounced higher Friday following a steep sell off that had dropped prices sharply from last Tuesday through Thursday. On Friday Chicago September wheat was up .03 ½ at 3.30 ½. Alan Brugler President of Brugler Marketing in Omaha spent much of last week touring fields across the cornbelt. BRUGLER "I saw a lot of corn that I think is going to go around 80 or 90 bushel which in a good year would be for them would be more like a 170, 180. It's not dead. There's corn there." Portland cash white 3.62 August new crop 3.61 Club White 3.66 mostly Pacific Northwest HRW 11.5 percent protein mostly 3.89 Dark Northern Spring 14 percent protein 4.45 Export barley 102/ton Cattle Inventory report on Friday shows cattle herd expansion continuing. Total cattle 104.5 million head on July first, up one percent from last year. The monthly Cattle on Feed report from USDA Friday afternoon was slightly bearish. June placements climbed 7% above the year-ago level while marketings were down 1%. August live cattle up .13 to 79.25, August feeders down .22 at 107.65. August Class III milk at Chicago 13.90,