07/29/05 Disease in Dakota helps wheat futures

Marketline July 29, 2005 Wheat futures followed the row crops higher again Thursday on crop weather concerns but also got support from news out of the spring wheat tour in North Dakota. The tour found widespread damage from Fusarium head blight or scab. After the markets closed the tour issued its yield estimates and Ryan Kilbrandtz at the Minneapolis Grain Exchange has the numbers. Kildrandtz: "Results from the spring wheat tour show the crop at 35.5 bushels per acre versus 38.8 in 2004. In July's USDA report the USDA estimated average yield in North Dakota at 41 bushels an acre. The outlook I would say weather and outside markets should continue to influence prices. Generally the market has been putting a small weather premium in ahead of the weekend. I would look for that to happen along with the results of the wheat tour, should lend support to prices." On Thursday Chicago September wheat was up 2 ½ cents at 3-33. September corn up 4 ½ cents at 2-41. Portland cash white wheat steady to a penny higher at mostly 3-62. Club wheat 3-68. PNW HRW 11.5 percent protein higher at 3-98. Dark northern spring 14% protein higher at 4-62. Export barley 104 dollars a ton. Cattle futures disregarded news that USDA is doing more testing on another possible case of BSE. Contracts were higher on ideas that a seasonal bottom is being put in this week. Some Plains cattle traded at 77 & 78 dollars. Oct live cattle up 68 cents at 82-05. Oct feeders up a nickel at 105-03. Sept Class III milk down a nickel at 14-53. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.