07/11/06 More heat for northern Plains wheat

Marketline July 11, 2006 Wheat futures closed higher Monday continuing to be led by Minneapolis spring wheat contracts due to drought conditions. After the close yesterday USDA reported a 10 point drop in the condition of the U.S. spring wheat crop in good to excellent condition from just a week ago and some traders say that could send contracts higher again today. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange, says some scattered showers are forecast for the northern Plains and Canada into Wednesday; Kilbrantz: "But they are calling for above normal temperatures and mostly dry conditions expected later this week and that will increase stress on the crop." USDA reported wheat inspected for export in the week to July 6th was only about eight million bushels, down from 14 million the previous week. Tomorrow morning is USDA's monthly crop production and supply and demand report. On Monday September Chicago wheat was up 4 ¾ cents at 4-03. September corn up 6 ¼ at 2-57 ¼. Portland cash white wheat was mixed but mostly 3-87. First half August mixed at 3-91. Club wheat 3-87. HRW 11.5 percent protein higher at 5-61. Dark northern spring 14% protein up 11 cents at 6-27. No Portland barley bids. Canadian officials said Monday they were doing confirmatory testing on another possible case of mad cow but most futures traders weren't aware of that news and contracts were lower Monday on disappointing cash prices last Friday and technical selling. Aug live cattle down 113 at 83-20. Aug feeders down 178 at 114-13. Aug Class III milk down six cents at 11-39. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.