07/28/05 Wheat futures up in choppy trade

Marketline July 28, 2005 Conflicting weather forecasts for the cornbelt made for tug of war trading in Chicago Wednesday but wheat futures managed to close higher. Ryan Kilbrantz at the Minneapolis Grain Exchange says yield estimates coming in from the hard red spring wheat tour in North Dakota, which concludes today, have been supportive. Kilbrandtz: "I'd look for export sales to help dictate opening calls. Weather will continue to be a major factor in price action but I think we will continue to follow corn. Long term fundamentals remain bearish. Keep an eye on the results from the spring wheat tour. So look for just a sideways trade here until we see some numbers from USDA and the weather patterns change." On Wednesday Chicago September wheat was up two cents at 3-30 ½. September corn up 2 1/4 at 2-36 ½. Portland cash white wheat was narrowly mixed with harvest pressure cited; mostly 3-60. Club wheat 3-66. PNW HRW 11.5 percent protein up a penny at 3-91. Dark northern spring 14% protein higher at 4-57. Export barley 102 dollars a ton. Cattle futures were mostly higher Wednesday in light action as traders await cash market developments. But, after the close USDA announced its is investigating another possible case of BSE in the U.S. with further test results expected next week. The animal was 12 years old so it was around before the feed ban. Boxed beef prices are at their lowest levels since February of 2004. Oct live cattle up 20 cents at 81-38. Oct feeders up a dime at 104-97. Sept Class III milk down 30 cents at 14-58. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.