05/22/06 Still watching weather

Marketline May 22, 2006 Forecasts for more hot weather in the Plains this week helped trim wheat futures losses Friday. Contracts got pressure from outside markets and profit taking. Peter Georgantones of Investment Trading Services in Minnesota, notes the funds added to their long positions last week. Georgantones: "Funds added about 20-thousand Chicago wheat but only about five-thousand contracts of Kansas City and Minneapolis. But you know that is significant give the rally we just had. If the market is over bought it doesn't matter what the fundamentals. It comes tumbling down pretty fast. I don't think the weather is real negative for this market. The winter wheat belt still is not going to be getting a whole lot of moisture in here. So that portion I still like and I think it is going to hold together." On Friday July Chicago wheat was down 2 ½ cents at 4-16 ¼. July corn down 7 ½ at 2-52 ¾. Portland cash white wheat was two to four cents lower at mostly 3-83. August new crop lower at 3-95. Club wheat 3-93. HRW 11.5 percent protein down two cents at 5-59. Dark northern spring 14% protein lower at 5-77. No Portland barley bids. The Cattle on Feed report was about as expected with the feedlot inventory up nine percent from a year ago, April placements at 98 percent and marketings 100 percent of last year. Fed cattle sold Friday in the southern Plains higher at 79 to 79-50. Ahead of the on feed report cattle futures were lower. June live cattle down 58 cents at 77-22. Aug feeders down 23 at 106-22. June Class III milk up two cents at 11-12. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.