08/09/05 Wheat futures mixed

Marketline August 9, 2005 Hard red spring wheat futures at Minneapolis closed lower Monday on harvest hedge pressure but contracts at Chicago and Kansas City were higher getting help from row crop gains. USDA 's weekly export inspections report at just over 24 million bushels was above trade expectations. With USDA reports due out Friday, Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, doesn't expect much market excitement. Georgantones: "I think wheat is still going to be in a position to follow corn for the most part right now and we are not going to see corn do much until we get into the Friday crop report. Maybe then we will get some direction. They are also going to update us on spring wheat yields on the government report. Otherwise, I look for a real choppy week in here." The Buenos Aires Cereals Exchange says Argentine farmers have now planted 94 percent of their wheat crop and it estimates plantings are down 16 percent from last year. On Monday Chicago September wheat was up 2 1/4 cents at 3-22 1/4. September corn up 1 ½ at 2-22. Portland cash white wheat steady to two cents lower at mostly 3-60. Club wheat 3-66. PNW HRW 11.5 percent protein higher at 3-94. Dark northern spring 14% protein lower at 4-57. Export barley 105 dollars a ton. Funding selling hit cattle futures Monday with contracts sharply lower and October live cattle at their lowest closing price since early January of this year. Analysts note seasonally large front-end cattle supplies and near record slaughter weights. Oct live cattle down 120 at 80-72. Oct feeders down 155 at 106-47. Sept Class III milk down 51 cents at 13-94. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.