06/13/06 Weather dominates grains

Marketline June 13, 2006 Wheat futures closed higher Monday getting some support from the row crops on forecasts for hot temperatures moving into portions of the U.S. corn belt. And Vic Lespinasse of A. G. Edwards at the Chicago Board of Trade says traders are also taking note of some weather problems overseas, one being the monsoon in India. Lespinasse: "That the Indian government saying the decline in the monsoon is cause for concern. Also the north China Plain, one of two major growing areas in China, looks like that areas in China, looks like that area, which has been hot and dry recently, is going to remain that way for the next 5-7 days or so." And Lespinasse says there are dryness concerns in Australia too. On Monday July Chicago wheat was up 1 ½ cents at 3-73 ¾. July corn up 5 ½ at 2-47 ½. Portland cash white wheat for second half June one to three cents higher at mostly 3-84. First half August up a penny at 3-86. Club wheat 3-84. HRW 11.5 percent protein up a penny at 5-38. Dark northern spring 14% protein up four cents at 5-65. No Portland barley bids. Cattle futures were mostly lower Monday still getting pressure from last week's lower cash fed cattle prices. Ag Secretary Johanns says the U.S. and South Korea still have not resolved issues needed to resume beef exports to the Asian nation. Aug live cattle down 22 cents at 78-63. Aug feeders down 38 at 108-22. July Class III milk down a dime at 11-65. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.