07/26/05 No news and lower corn pressures wheat

Marketline July 26, 2005 Wheat futures were lower Monday. There was little fundamental news for wheat and with corn and soybeans under pressure from some cooler and wetter weather forecasts, wheat went down too. Vic Lespinasse of A. G. Edwards at the Chicago Board says the USDA's weekly export inspections report yesterday had little impact on the market. Lespinasse: "And didn't really do much for us one way or the other but they were all good. 18 million bushels of wheat, 38.95 million corn and 7.6 million beans." Lespinasse says cornbelt weather will be the key feature for the market again today. In other news, the Hard Spring and Durum Wheat Tour begins today in North Dakota and is expected to find a large crops. On Monday Chicago September wheat was down 4 3/4 cents at 3-25 3/4. September corn down three at 2-30 ½. Portland cash white wheat one to two cents lower at mostly 3-59. Club wheat 3-63. PNW HRW 11.5 percent protein lower at 3-86. Dark northern spring 14% protein lower at 4-40. Export barley 102 dollars a ton. Cattle futures were lower Monday. The slightly bearish Cattle on Feed Report issued Friday, higher placements and lower marketings than expected, and the continued decline in wholesale beef prices weighed on the market. Oct live cattle down 23 cents at 81-22. Oct feeders down 38 at 104-15. Sept Class III milk up 52 cents at 15-02. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.