05/08/06 Market getting crop estimates

Marketline May 8, 2006 USDA will release its first field surveyed estimate of the U.S. winter wheat crop this Friday. Last Friday Informa Analytics issued its forecast calling for a 1.3 billion bushel winter wheat crop. That compares to 1.5 billion last year. Informa's estimate and the final report from the Kansas wheat tour were taken as bullish by traders and wheat futures were strongly higher Friday. While the nation's hard red winter wheat crop has been struggling, Darrel Good, economist at the University of Illinois, says the soft red crop, which competes against Pacific Northwest soft white, is doing well. Good: "It looks like the soft red winter wheat crop is going to be a good size this year. We never know till we get it in the bin, but the crop condition ratings would suggest that the soft red wheat crop is in very good condition." On Friday July Chicago wheat was up 9 ¾ cents at 3-72 ¼. July corn up 1 ¼ at 2-40 ½. Portland cash white wheat two to five cents higher at mostly 3-70. August new crop up four at 3-78. Club wheat 3-80. HRW 11.5 percent protein 17 cents higher at 5-10. Dark northern spring 14% protein 11-12 cents higher at 5-59. No Portland barley bids. Lower cash fed cattle and beef cutout values drove cattle futures lower Friday. Fed cattle traded one to two dollars lower than the previous week. June live cattle down 35 cents at 73-85. Aug feeders down 50 at 102-80. June Class III milk down a penny at 10-89. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.