07/12/06 Ratings drop boosts wheat futures

Marketline July 12, 2006 A ten point drop in the weekly condition ratings for U.S. spring wheat sent wheat futures higher again Tuesday with Chicago and Kansas City actually posting bigger gains than spring contracts at Minneapolis. The northern Plains spring wheat belt was getting some showers yesterday but USDA meteorologist Brad Rippey says that's about to end. Rippey: "Now it looks like temperatures later this week could reach the 100 to 105 degree range, locally higher in some of the valley locations and on top of that it will hot, windy, dry. So for filling spring wheat across the northern Plains, highly unfavorable weather coming in for mid-July." USDA issues the July crop production report this morning which could provide early market direction but weather is still expected to be the dominant factor. On Tuesday September Chicago wheat was up 13 ½ cents at 4-16 ¼. September corn up 6 ½ at 2-64. Portland cash white wheat was steady to four cents higher at mostly 3-91. First half August 3-93. Club wheat 3-91. HRW 11.5 percent protein up 14 cents at 5-75. Dark northern spring 14% protein 11 to nine cents higher at mostly 6-32. No Portland barley bids. Cattle futures were mixed to mostly lower Tuesday with technical factors cited. Traders are rolling August positions to the October contract. USDA Undersecretary J.B. Penn did say Japanese inspections of U.S. packing plants "is on track and going smoothly." Aug live cattle down 15 cents at 84-05. Aug feeders down 47 at 113-65. Aug Class III milk down six cents at 11-33. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.