06/06/08 Dollar and weather boost commodities

Dollar and weather boost commodities. I'm Bob Hoff. This is the Market Line Market Line June 6, 2008 Wheat, corn and soybean futures all posted big gains Thursday helping out cash wheat prices. Analysts say a lower dollar sent crude oil up which in turn hiked row crop futures, which spilled over to wheat. Lynn Smith of The Zaner Group says weather was also a factor at Chicago. Smith: "On concerns that excessive moisture received in the Midwest may damage the soft red winter crop." Wet Midwest weather has raised concerns about corn planting, replanting and emergence and USDA Meteorologist Rippey says the situation may not soon improve. Rippey: "We may see as many seven, eight, nine days in a row of major thunderstorm and severe weather outbreaks across the eastern plains and parts of the cornbelt." On Thursday Chicago July wheat was up 32 ½ cents at 7-85 ½. July corn up 28 ¾ at 6-43 ¼. December corn hit a new record high and closed at 6-70 ¾. Portland August new crop soft white wheat nine to 20 cents higher at 7-54 to 7-70. August HRW 11.5 % protein up 24 cents at 9-03. August DNS 14% protein up 27 cents at 10-02. Barley at the coast 208 dollars a ton for July. Cattle futures were mixed Thursday with sharply higher corn futures helping deferred live cattle but pressuring feeder contracts. August live cattle up 50 cents at $101. August feeders down 90 at 112-82. July Class III milk up 18 cents at 20-73. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.