05/17/06 Wheat higher; spud stocks down

Marketline May 17, 2006 Wheat futures closed higher Tuesday after getting some early pressure from winter wheat ratings that actually showed some slight improvement overall from last week. Rippey: "Pretty much like last week. Thirty-six percent good to excellent. A week ago that number was 35%. And we are staying with 38% of the crop rated very poor to poor." But USDA meteorologist Brad Rippey says last year at this time the crop was 55 percent good to excellent, 12% very poor to poor. Wheat also got support from talk that the U.S. may get some business in an upcoming Iraqi tender. On Tuesday July Chicago wheat was up four cents at 4-03 ½. July corn down a penny at 2-59. Portland cash white wheat steady to two cents higher at mostly 3-80. August new crop unchanged to higher at 3-93. Club wheat 3-90. HRW 11.5 percent protein up six cents at 5-38. Dark northern spring 14% protein mixed at 5-75. No Portland barley bids. USDA reported Tuesday that potato stocks in the 13 major states on May 1st were down 17 percent from last year. Potato stocks were down 22 percent in Idaho, but up ten percent in Washington and up 28 percent in Oregon. Cattle futures were mixed Tuesday as traders await cash fed cattle market developments. There is also caution ahead of Friday's Cattle on Feed Report. USDA believes China will reopen to U.S. beef by the end of June. June live cattle were down 20 cents at 77-65. Aug feeders down two at 106-83. June Class III milk up a nickel at 11-22. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.