07/05/06 Spring wheat condition drops

Marketline July 5, 2006 USDA confirmed a drop in spring wheat crop ratings after the markets closed Monday. The percentage of the crop in good to excellent condition fell five points to 52 percent. That's way down from a year ago at this time when 81 percent of the U.S. spring wheat crop was in good to excellent condition. Traders are returning from their 4th of July holiday today and will be checking to see if a heat dome is still building for the northern Plains and Canada. Depending upon what the forecasts say, Joe Victor of Allendale Incorporated, says we could see follow through strength today from Monday's rally, plus. Victor: "Remember, funds could be back in here because it is a brand new beginning of the month, brand new beginning of the quarter." One other note in commentaries on Monday's action was that southwest Australia reported the driest June on record. It's winter wheat seeding time down under. 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. There wasn't much news for cattle futures Monday but contracts closed higher in technical trading. Even higher corn didn't hurt feeder futures. 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.