05/14/08 Corn and rice pressure wheat futures

Market Line May 14, 2008 Wheat futures continued to slip lower Tuesday. Commentary pointed to lower corn and rice along with favorable weather in the hard red winter wheat belt as factors driving wheat futures down. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota thinks wheat will remain on the defensive. Georgantones: "But the Kansas City and Chicago more than Minneapolis." Weekly crop weather bulletins from Washington and Oregon this week say rain is needed badly in many areas for winter and spring wheat. Mostly what's in the forecast are high temperatures by the weekend and USDA meteorologist Brad Rippey doesn't see any precip in the May 20th to 26th forecast. Rippey: "Rainfall patterns; dry generally from the Plains to the west coast." On Tuesday Chicago July wheat was down 9 ¾ cents at 7-95 ¾. July corn down 7 ½ at 6-07 ¼. Portland new crop soft white wheat up a nickel at $8 to $8.15. August HRW 11.5 % protein six to seven cents lower at 9-08. August DNS 14% protein down six cents at 10-01. Barley at the coast 198 dollars a ton for July. Live cattle futures were steady to weak Tuesday with feeder contracts higher. There was cash market nervousness for live cattle and falling corn futures helped feeders. June live cattle up a nickel at 94-35. August feeders up 187 at 112-65. June Class III milk up 32 cents at 19-83. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.