07/06/06 Hard red spring leads futures higher

Marketline July 6, 2006 Weather concerns for the northern Plains and Canadian spring wheat crops continued to make Minneapolis the leader in wheat futures as contracts there hit new highs. Minneapolis September wheat closed at 5-12 ¾ hitting a ten-year high during the session. Joe Victor of Allendale Incorporated says there is some rain in the forecasts but something more than scattered showers may not arrive for another week or more. Victor: "That is something, rain that may help stop some of the pain and suffering of crop conditions going down in that region of the country as well as Canadian Prairies, but not enough to stop and change direction. So this market is going to have to be working its way through the balance of this week focusing on what those rains could potentially mean coming in late next week." On Wednesday September Chicago wheat was up 2 ¾ cents at 4-04 ¾. September corn down four at 2-49 ½. Portland cash white wheat was steady at mostly 3-86. First half August 3-90. Club wheat 3-86. HRW 11.5 percent protein up four cents at 5-76. Dark northern spring 14% protein up six at 6-28. No Portland barley bids. Canada has reported another case of BSE, it's sixth, in a cow said to be at least 15 years old. That news was said to be mildly supportive to cattle futures, which closed higher Wednesday, with stronger boxed beef values and expectations for a firm cash cattle trade this week providing fundamental support. Aug live cattle up 50 cents at 86-85. Aug feeders up 88 at 117-25. Aug Class III milk was up six cents at 11-69. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.