05/31/06 Possible rain, harvest, pressure wheat

05/31/06 Possible rain, harvest, pressure wheat

Marketline May 31, 2006 Wheat futures were lower at Kansas City and Chicago Tuesday but mixed at Minneapolis. Contracts had opened strongly higher but longs liquidated after some rain was added to forecasts in Kansas and Nebraska. The winter wheat harvest is also picking up in Texas, Oklahoma and Kansas. Joe Victor says the market is awaiting news on India's tender and did get some on Iraq. Victor: "Iraq has in fact picked up 350-thousand tons of wheat from Wheat Australia. No the AWB but Wheat Australia. Once again a little bit of a blow to U.S confidence regarding the quality of wheat as well as Australia's transportation advantage." USDA reported a decline in both winter and spring wheat ratings after trading closed Tuesday. Victor says the trade was looking for the spring wheat ratings to show improvement. On Tuesday July Chicago wheat was down 3 ½ cents at 4-12. July corn up a half at 2-54 ½. Portland cash white wheat was two to three cents higher for June delivery on moderate to good exporter demand at mostly 3-88. August new crop higher at 4-03. Club wheat 3-88. HRW 11.5 percent protein 5-57. Dark northern spring 14% protein 5-86. No Portland barley bids. Cattle futures closed higher Tuesday. The market found good technical support after pushing through resistance last Friday. Strength in beef cutout values and expectations for higher cash cattle this week provided fundamental support. Aug live cattle up 103 at 80-88. Aug feeders up 68 at 109-43. July Class III milk up sixteen cents at 12-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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