08/01/06 Wheat and cattle futures higher

Marketline August 1, 2006 Wheat futures posted strong gains Monday with the funds buying. Hot, dry weather in the Plains and western corn belt drove prices higher early and then technical buying added support. After the close USDA reported further declines in crop condition for spring wheat and corn. Brian Hoops at Midwest Market Solutions says the report also showed the nation's spring wheat harvest is way ahead of average. Hoops: "Spring wheat harvest is 22% complete versus 6% on average. So by next week we could be in that 50% harvest completed mark in spring wheat." In the Northwest the winter wheat harvest in Oregon was approaching the halfway mark to start this week at 48 percent complete. In Washington 30 percent of the winter wheat had been cut, in Idaho 20 percent. On Tuesday, September Chicago wheat was up nine cents at 3-97 ½. September corn up 1 ¾ at 2-39. Portland cash white wheat steady to two cents higher at mostly 3-90. Club wheat 3-92. HRW 11.5 percent protein up nine cents at 5-33. Dark northern spring 14% protein up eight at 5-69. No Portland barley bids. Cattle futures closed higher Monday with support from higher boxed beef values and hot temperatures in the Plains that will limit feedlot weight gains. Given the limited cash fed activity last week some traders are looking for some earlier sales this week. Oct live cattle up 55 cents at 88-70. Oct feeders up 70 at 114-78. Sept Class III milk up 13 cents at 12-30. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.