06/18/08 Rains support wheat futures

Market Line June 18, 2008 Wheat futures saw strong gains Tuesday. Continued heavy rains in Oklahoma and south central Kansas provided support. There are also reports of concern about vomitoxin in some of the soft red winter wheat areas due to wet conditions. USDA reported this week that 16 percent of the U.S. winter wheat crop had been harvested. The five year average for this time is 19 percent. Pakistan said yesterday it had purchased 140-thousand tons of wheat. Analysts said they could buy more as the original tender was for 250-thousand tons. The Australian government dropped its forecast for the Australian wheat crop by over eight percent from its last estimate to 23.7 million metric tons. On Tuesday Chicago July wheat was up 21 ¾ cents at 8-98 ¼. July corn up 9 ¾ at 7-42 ¼. Portland August new crop soft white wheat up a dime at 8-70 to 8-95. August HRW 11.5 % protein up 17 cents at 10-33. August DNS 14% protein up 24 cents at 11-14. Barley at the coast 218 dollars a ton for July. Live cattle futures were higher Tuesday on fund purchasing and speculative buying ahead of this Friday's Cattle on Feed report. Feeder contracts followed. August live cattle up 15 cents at 103-60. August feeders up 67 at 110-32. July Class III milk up six cents at 19-61. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.