06/16/08 Watching corn belt weather

Market Line June 16, 2008 Whether the Midwest corn belt gets sun or rain this week is expected to be a key for grain futures. Corn hit new highs Friday due to the flooding. Mark Chiodo of Slipka Trading says at current corn price levels it would pencil out to import Black Sea wheat for feeding on the east coast. Weekend rain delays were expected for harvesting of both hard red winter and soft red winter wheat. Chiodo has this on the hard red harvest in Kansas. Chiodo: "Yields are awfully good down there but quality concerns are starting to rise. They did start out with real good test weight and really good baking characteristics on the stuff but they would like to dry out at this point. I guess as always keep an eye on the weather this time of the year. We'll see how that goes." In the southern hemisphere Argentina wheat country remains dry and a dry stretch is expected in Australia. On Friday Chicago July wheat was up 31 cents at 8-82. July corn up 22 ¾ at 7-¾. Portland August new crop soft white wheat bids didn't participate in the futures rally with bids unchanged to down a nickel at 8-60 to 8-75. August HRW 11.5 % protein up 38 at 10-18. August DNS 14% protein up 33 cents at 10-97. Barley at the coast 218 dollars a ton for July. Cattle futures were up Friday on late week short covering and technical buying. Deferred live cattle were especially strong on higher corn. August live cattle up 67 at 102-27. August feeders up a dime at 109-15. July Class III milk down 29 cents at 19-68. February to April fluid milk sales are reported down 1.1 percent from the previous year. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.