07/25/06 Wheat and cattle futures lower

Marketline July 25, 2006 Wheat futures were lower Monday with fund selling pressuring prices. Weekly export inspections for wheat actually came in above trade expectations at over 17 million bushels. Peter Georgantones of Investment Trading Services at the Minneapolis Grain Exchange, says the crop ratings for spring wheat from USDA came out after the close Monday. Georgantones: "They basically kept the spring wheat unchanged. I thought they might improve it a little bit based on the rains we had the last week, though they were more minimal than everyone was talking about. But I thought they might improve a percent or two, but they did not." Today a crop tour begins in North Dakota which will give the market a better idea of just how hot, dry conditions have impacted the spring wheat crop. The wheat harvest is well underway in the Pacific Northwest with Oregon reporting 24 percent of its winter wheat cut to start this week. Washington's harvest advanced to 19 percent complete. In Idaho just five percent of the winter wheat is in the bin. On Monday September Chicago wheat was down 6 ¾ cents at 4-00 ½. September corn up 1 ¾ at 2-39. Portland cash white wheat was steady to a penny lower at mostly 3-87. Club wheat 3-87. HRW 11.5 percent protein down seven cents at 5-34. Dark northern spring 14% protein down six at 5-81. No Portland barley bids. Lower cash fed cattle prices late last Friday as well as a bearish Cattle on Feed report from USDA Friday had cattle futures sharply lower Monday. Aug live cattle down 160 at 82-68. Aug feeders down 228 at 113-55. Aug Class III milk up eight cents at 11-12. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.