08/08/05 Key USDA report late this week

Marketline August 8, 2005 Grain markets this week will be awaiting a report from USDA this Friday that will the first surveyed estimate of the U.S. corn and soybean crops. And as of late soybeans and how the weather is impacting them have been the futures market driver. Friday the funds sold off taking soybeans sharply lower with lesser losses for wheat and corn. The lower futures and an increase in country selling put some pressure on Portland white wheat. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange thinks Friday's sell off may been healthy for the market. Chiodo: "You know looking back at last year, previous years, we do stand a fair chance of rallying from the August crop report through September 1st. That's in the forefront of my mind and of course we are all watching the weather and that will be the biggest influence in how this market plays out." On Friday Chicago September wheat was down a nickel at 3-20. September corn down four cents at 2-20 ½. Portland cash white wheat steady to a penny lower at mostly 3-60. Club wheat 3-66. PNW HRW 11.5 percent protein lower at 3-92. Dark northern spring 14% protein mixed at mostly 4-58. Export barley 105 dollars a ton. Cattle futures were mostly higher Friday with feeder contracts posting the best gains on lower feedgrains and good technical indicators. Oct live cattle up 20 cents at 81-93. Oct feeders up 78 at 108-03. Sept Class III milk up 12 cents at 14-45. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.