05/28/08 Australian weather helps wheat futures

Market Line May 28, 2008 Wheat futures were higher Tuesday in the first post-holiday session. Traders credited much of wheat's strength to continued dryness in parts of Australia. Joe Victor of Allendale Incorporated agreed. Victor: "In eastern Australia, New South Wales is responsible for about 30% of annual production and of course dry weather has basically all but halted planting. There are still about two to three weeks left to go but no rain in sight and dry in that eastern Australian region. Western Australia the biggest contributor on production is said to be doing very well as far as near completed plantings and early growth also doing well." On Tuesday Chicago July wheat was up 6 ½ cents at 7-59. July corn down 1 ¾ at 5-98. Portland August new crop soft white wheat 7-25 to 7-50. August HRW 11.5 % protein up six cents at 8-88. August DNS 14% protein up six at 9-78. Barley at the coast 198 dollars a ton. Cattle futures were mixed Tuesday. Ideas of good holiday weekend beef movement supported live cattle but pressure came from outside markets like oil and gold. Feeders had been mostly higher but saw late hedge pressure. August live cattle up 20 cents at 101-50. August feeders up two cents at 115-25. July Class III milk down four cents at 21-38. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.