06/28/06 Spring wheat ratings boost futures

Marketline June 28, 2006 Wheat futures continued to climb higher Tuesday getting support from the weekly crop ratings which showed a decline in the northern Plains spring wheat crop. There are also thoughts a seasonal bottom is in place with the winter wheat harvest past the half-way market nationally. Peter Georgantones with Investment Trading Services in Bloomington, Minnesota, says expectations are for a friendly USDA acreage report this Friday too. Georgantones: "And everybody is anticipating reduction in acreage planted and a reduction in the winter wheat crop and they think it is all bullish news ahead on this report for wheat. Plus the weather for spring wheat is not that great and that is adding to it as well." On Tuesday September Chicago wheat was up 8 ¾ cents at 3-94 ½. September corn up two at 2-36 ½. Portland cash white wheat was indicated two cents higher at mostly 3-78 with First half August unchanged to higher at 3-85. Club wheat 3-78. HRW 11.5 percent protein up to 13 cents higher at 5-58. Dark northern spring 14% protein a nickel to ten cents higher at mostly six dollars. No Portland barley bids. The USA Dry Pea and Lentil Council reports total seeded acres of pulse crops in the U.S. expanded this year to 1.6 million acres with Chickpea acreage up by nearly 33 percent. Cattle futures posted good gains again Tuesday with many new contract highs. Expectations for higher cash prices this week along with stronger cutout values provided fundament support. Aug live cattle up 25 at 86-97. Aug feeders up 43 at 117-55. Aug Class III milk up four cents at 11-70. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.