06/19/08 Modest gains for wheat futures; milk production up

Market Line June 19, 2008 Wheat futures had slight gains Wednesday after trading lower early in the day. There was not much fundamental news but late in the session funds were buyers. Rain is forecast for Argentina and Australia this week but analysts don't see the amounts doing much to help dry areas. Forecasts for the Midwest cornbelt are calling for relatively dry weather into early next week with above normal temperatures by this weekend. There is chatter about the possibility of USDA releasing CRP acres for 2009 production. On Wednesday Chicago July wheat was up 5 ¾ cents at 9-04. July corn up four at 7-46 ¼. Portland August new crop soft white wheat unchanged at 8-70 to 8-95. August HRW 11.5 % protein up eight cents at 10-41. August DNS 14% protein four to nine cents higher at 11-23. Barley at the coast 218 dollars a ton for July. Cattle futures closed higher again Wednesday although traders are cautious about this week's cash fed cattle trade. Tomorrow is also the USDA Cattle on Feed report. August live cattle up 30 cents at 103-90. August feeders up 17 at 110-50. July Class III milk down 59 cents at 19-02. After the market close USDA reported May milk production in the major producing states was up 3.4 percent over May of 2007. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.