08/02/05 Wheat futures higher despite lower corn

08/02/05 Wheat futures higher despite lower corn

Marketline August 2, 2005 Wheat futures were mostly higher Monday but gains were limited by a late sell off in corn which closed lower. Weekly export inspections for wheat were called good at 20.5 million bushels. Egypt bought some French wheat. Traders will again watch weather today and react to USDA ratings for the row crops issued after trading closed Monday. Those showed no change in the percentages of the crops rated good to excellent. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, details what traders were expecting. Chiodo: "The expectation out of the Chicago crowd was that beans should see a two to three percent increase in the good to excellent category overall. Corn unchanged to a one percent increase. That's the expectation." USDA reported Monday that the winter wheat harvest in Oregon is 55 percent complete, in Washington 40 percent done, with winter wheat harvesting in Idaho 11 percent complete. On Monday Chicago September wheat was up 2 3/4 cents at 3-30 ½. September corn down 4 3/4 at 2-31 3/4. Portland cash white wheat steady at mostly 3-61. Club wheat 3-67. PNW HRW 11.5 percent protein higher at 3-98. Dark northern spring 14% protein up a penny at 4-57. Export barley 104 dollars a ton. Cattle futures continued higher Monday finding follow through technical support after last Friday's surge higher. Ideas that the seasonal lows have been established has attracted buying. Oct live cattle up 25 cents at 83-65. Oct feeders up 47 at 107-15. Sept Class III milk down a penny at 14-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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