06/19/06 Wheat harvest pressure; cattle higher

Marketline June 19, 2006 Weekend moisture and new forecasts for this week, particularly for the western cornbelt, are expected to dominate the attention of grain futures traders this morning. Vic Lespinasse of A. G. Edwards at the Chicago Board of Trade says weather is now less of a factor for wheat. Lespinasse: "Course in wheat they are harvesting the winter wheat right now and so they are not worried about any imminent weather threat in the southwest winter wheat belt, at least for the time being." Wheat futures were mixed Friday with pressure from the expanding harvest and contract rolling from July to September. Some market comments suggest the peak of harvest pressure could be a couple of weeks earlier this year. India's cabinet has approved new rules for its wheat import tenders that will better conform to international food standards. On Friday July Chicago wheat was down 2 ½ cents at 2-59. July corn up 2 ½ at 2-35 ½. Portland cash white wheat was steady to two cents lower at mostly 3-73. First half August lower at 3-77. Club wheat 3-73. HRW 11.5 percent protein lower at 4-94. Dark northern spring 14% protein mixed at 5-50. No Portland barley bids. Steady cash fed cattle prices and good technical support sent cattle futures higher Friday. Feedlot supplies are large but domestic beef demand is strong and poultry production is expected to drop. Aug live cattle up 85 cents at 83-45. Aug feeders up 23 at 112-58. July Class III milk down nine cents at 11-41. That was ahead of the USDA announcing May milk production in the major states was up 2.8% from May of 2005. In Idaho may milk production was up nine percent. In Oregon it was down 6.5 percent and in Washington down 2.4% I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.