07/04/06 Markets celebrate the 4th

Marketline July 4, 2006 Futures exchanges and USDA price reporting offices are closed today for the 4th of July holiday. Heading into the holiday, wheat futures were solidly higher Monday led by double digit gains in Minneapolis. Joe Victor of Allendale Incorporated says weather was the reason. Victor: "This trade is all riled up about crop conditions diminishing, primarily the spring wheat conditions within the North Dakota, South Dakota region. Also on the horizon it appears Canada is getting into some dire straits with its crop stress." Victor cautions that some forecasters have the possibility for some substantial rains for Canada next week, but the jury is still out on that. On Monday September Chicago wheat was up six cents at 4-02. September corn up 7 ½ at 2-53 ½. Portland cash white wheat was one to three cents higher at mostly 3-85. First half August higher at 3-89. Club wheat 3-85. HRW 11.5 percent protein up nine at 5-72. Dark northern spring 14% protein up 14 cents at 6-22. No Portland barley bids. Cattle futures were higher Monday on a short covering rally. There was little news to move the market. Wholesale beef prices have been holding steady despite predictions of a seasonal decline. Aug live cattle up 67 cents at 86-35. Aug feeders up 117 at 116- 38. Aug Class III milk up four cents at 11-63. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.