06/27/06 Bullish factors for wheat and cattle

Marketline June 27, 2006 Spring wheat contracts at Minneapolis led wheat futures higher Monday with concerns about hot temperatures for the northern Plains crop. Peter Georgantones with Investment Trading Services in Bloomington, Minnesota, says the latest USDA condition report already showed a further decline in spring wheat ratings. Georgantones: "I see after the close condition progress reports came out with spring wheat getting three percent worse. And with the report coming out Friday with final acreage numbers we've had nothing but buyers all day. That is pretty impressive considering corn was down a nickel and beans were down about eleven." The USDA's Daily Grain Market Summary also mentioned the hot weather in the PNW and its impact on winter wheat as a market factor. Weekly wheat export inspections were also good. On Monday September Chicago wheat was up 4 ¼ cents at 3-85 ¾ . September corn down 5 ¼ at 2-34 ½. Portland cash white wheat was steady at mostly 3-76. First half August unchanged to higher at 3-83. Club wheat 3-76. HRW 11.5 percent protein up to seven cents higher at 5-45. Dark northern spring 14% protein nine to 14 cents higher at 5-90. No Portland barley bids. A bullish on feed report and news from late Friday of cash fed cattle sales two to three dollars higher took cattle futures higher Monday. Aug live cattle up 207 at 86-72. Aug feeders up 197 at 117-13. Aug Class III milk down eight cents at 11-66. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.