08/08/06 Wheat pressured by row crops

Marketline August 8, 2006 Wheat futures were lower Monday getting pressure from corn and soybeans. Joe Victor of Allendale Incorporated says the pressure on the row crops came from better weather. Victor: "Trade was of the opinion that weekend rains were better than anticipated. Forecasts for much of this week promising more rain, somewhere between 60-80% coverage. Six to ten day forecast suggests a little bit more bearish tone as it takes a great deal of the heat out." Weekly export inspections for wheat did come in better than expected at over 18 million bushels. India which tendered for 400-thousand tons of wheat last week is expected to seek another 100-thousand tons. Nationally the winter wheat harvest is 94 percent complete, the spring wheat harvest was 49 percent complete to start this week. In the PNW, Oregon had harvested 59 percent of its winter wheat, Washington 55 percent and Idaho 42 percent. On Monday, September Chicago wheat was down three cents at 3-93. September corn down 5 ¼ at 2-39 ¾. Portland cash white wheat steady to two cents higher at mostly 3-95. Club wheat 4-15. HRW 11.5 percent protein up a penny at 5-25. Dark northern spring 14% protein mixed at 5-63. Cattle futures were higher Monday with last week's late active cash fed sales and higher boxed beef providing support. Higher hog futures and lower feed grains also helped and October feeders put in a new contract high. Oct live cattle up 40 cents at 89-90. Oct feeders up 92 at 116-38. Sept Class III milk down six cents at 11-86. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.