05/29/08 Winter forecast for Australian wheat

Long range forecast for Australia. I'm Bob Hoff. This is the Market Line Market Line May 29, 2008 Wheat futures were mixed Wednesday. Harvest pressure was cited from the hard red winter wheat belt. USDA's improved crop rating for winter wheat was also bearish. Joe Victor of Allendale Incorporated says wheat continues to get support from strike problems in Argentina and Australian weather where a new three month forecast is out. Victor: "The Australian Meteorological Bureau suggesting that the winter season is offering a wetter outlook for east Australia and a drier outlook for the extreme southwest region. Winter begins June 1 so the trade is starting to use an air of caution and of course want to see the proof in the pudding with rain developments coming in. But at this point in time the 5-7-day forecast does not look very promising for farmers to continue to try and plant wheat in eastern Australia." On Wednesday Chicago July wheat was unchanged at 7-59. July corn down 5 ½ cents at 5-92 ½. Portland August new crop soft white wheat 40 to 45 cents lower at 6-85 to 7-15. August HRW 11.5 % protein down two cents at 8-86. August DNS 14% protein up two cents at 9-80. Barley at the coast 198 dollars a ton. Lower corn and USDA's announcement on CRP haying and grazing helped feeder contracts lead cattle futures higher Wednesday. August live cattle up 12 cents at 101-62. August feeders up 55 at 115-80. July Class III milk down 14 cents at 21-24. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.