07/24/06 Wheat futures firm; cattle on feed up

Marketline July 24, 2006 A crop tour in North Dakota this week will give the market a better idea of the northern Plains spring wheat crop. Friday wheat futures were mostly higher but got some pressure from better weather prospects for corn and soybeans. Still, Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, expects wheat to remain firm. Chiodo: "There is a lot of commentary about how and hot and dry it is in other parts of the world in their wheat growing regions. On top of that Iraq and India are rumored to be in for wheat this week. So it has the market fairly firm." On Friday September Chicago wheat was up ¾ of a cent at 4-07 ¼. September corn down 5 ¼ at 2-37 ¼. Portland cash white wheat steady to a penny higher at mostly 3-87 on limited bids. Club wheat mostly 3-87. HRW 11.5 percent protein unchanged to higher at 5-41. Dark northern spring 14% protein unchanged at 5-87. No Portland barley bids. USDA on Friday pegged the feedlot inventory up five percent July 1st compared to a year ago, with June placements up 10 percent and June marketings up six percent. The U.S. Cattle inventory report pegged the nation's herd at 105.7 million head, up one percent from a year ago. Cattle futures were higher ahead of the reports with feeder contracts leading on lower feed grains. Aug live cattle up 43 cents at 84-28. Aug feeders up 35 at 115-63. Aug Class III milk down 18-cents at 11-04. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.