08/19/08 Good gains for wheat; milk production growth slows

Market Line August 19, 2008 The rollercoaster ride for wheat futures stopped on the upside Monday with contracts posting good gains. Commentary pointed to a weaker dollar as supportive. Friday's sell off may have also been viewed as overdone. Weekly export inspections for wheat were very strong, the highest since last September-October at just over 36 million bushels. Inspections only need to average half that level weekly to reach USDA's projection for the current marketing year. USDA reports the winter wheat harvest at 93 percent complete in Oregon, only 68 percent done in Washington and just sixty percent complete in Idaho. On Monday Chicago September wheat was up 35 ½ cents at 8-59 ¾. September corn up 23 ¼ at 5-53. Portland soft white wheat was up a dime at mostly 8-45. Club wheat 8-50. HRW 11.5 % protein 26-27 cents higher at 9-75. DNS 14% protein 16-17 higher at 10-23. Barley at the coast 224 dollars a ton. Speculative long buying and short covering helped live cattle futures close higher Monday. Higher corn pressured feeder contracts. Oct live cattle up a dime at 105-95. Oct feeders down 102 at 113-50. Milk futures plunged Monday ahead of the July USDA Milk Production report with Sept Class III milk down 20 cents at 16-28. Milk production in the 23 major states last month was up 1.7 percent from July of 2007, the smallest growth rate in 13 months. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.