06/26/06 Friendly cattle report; acreage next

Marketline June 26, 2006 Grain traders get updated planted acres from USDA this Friday for spring wheat, corn and soybeans. There's also a quarterly grain stocks report. Friday wheat futures were mixed. Brian Hoops of Midwest Market Solutions at the Minneapolis Grain Exchange sums up some friendly fundamentals. Hoops: "Weather for the spring wheat belt looks to be friendly and we might see some harvesting delays in Kansas City wheat and that eventually should help this market recover, but we had some late fund selling driving the market lower into the close. Temperatures for the spring wheat belt are above normal while the 6-10 day precip is below normal, so that could be bullish for wheat prices." Midwest rains have raised concern about soft red winter wheat quality. Traders are also awaiting news on some large tenders by Iraq and India. On Friday September Chicago wheat was down ¾ of a cent at 3-81 ½. September corn down two at 2-39 ¼. Portland cash white wheat was steady at mostly 3-76. First half August 3-83. Club wheat 3-76. HRW 11.5 percent protein up a penny at 5-40. Dark northern spring 14% protein two to six cents higher at 5-81. No Portland barley bids. Friday's Cattle on Feed report was being called bullish relative to trade expectations. The on feed inventory was up four percent from a year ago, placements down 14 percent and marketings were up nine percent. Ahead of the report cattle futures were higher with Aug live cattle up seven cents at 84-65. Aug feeders up 30 at 115-15. Aug Class III milk up seven cents at 11-74. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.