08/07/06 Crop estimate helps wheat

Marketline August 7, 2006 The USDA will issue its August crop production report this Friday along with updated world supply and demand numbers but it was a private estimate last Friday that helped wheat futures, particularly spring wheat at Minneapolis. Brian Hoops at Midwest Market Solutions says that estimate came from Informa Economics. Hoops: "Informa estimated the spring wheat crop at about a 40-million bushel reduction from the last USDA number and that should be friendly to us and give us some support as we go through this next week." Hoops thinks Minneapolis wheat will have a post-harvest rally that will test the old highs above $5.20. Kansas City got some support from concerns about dry conditions for winter wheat planting in the southern Plains though there were some rains Friday in Oklahoma. On Friday, September Chicago wheat was up ¾ of a cent at 3-96. September corn unchanged at 2-45. Portland cash white wheat steady at mostly 3-97. Club wheat 4-17. HRW 11.5 percent protein up a penny at 5-26. Dark northern spring 14% protein up six cents at 5-64. No Portland barley bids. Higher cash fed cattle prices late Thursday, continuing Friday at 82 dollars, sparked a rally in cattle futures Friday. There are also expectations wholesale beef prices will rebound in the next several weeks. Oct live cattle up 155 at 89-50. Oct feeders up 138 at 115-45. Sept Class III milk down eight cents at 11-92. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.