08/15/06 Hard red wheat futures sharply lower

Marketline August 15, 2006 With the exception of nearby Chicago, wheat futures were lower Monday with Kansas City and Minneapolis posting the largest losses. A purchase of 55-thousand tons of U.S. soft red winter wheat by Egypt helped September Chicago wheat. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange, says weekly export inspections for wheat were a negative at 14. 2 million bushels. Kelbrantz: "That's below trade estimates of 15 to 20. Last week's inspections totaled 20.3 million bushels. And inspections for the current year are slightly over 156 million bushels versus 183 a year ago." There were some scattered thunderstorms over Kansas which was also negative to the market but that region needs continued rain to see some recovery in drought conditions ahead of winter wheat planting. On Monday September Chicago wheat was up a ¼ cent at 3-74. September corn down 2 ¾ at 2-22. Portland cash white wheat steady to a penny higher on limited bids, mostly 3-95. Club wheat 4-25. HRW 11.5 percent protein 8-10 cents lower at 4-95. Dark northern spring 14% protein down six at 5-35. No Portland barley bids. Cattle futures were lower Monday as profit taking was said to weigh on the market after some new contract highs were set last week. Also the trade is beginning to look ahead to this Friday's Cattle on Feed report which is expected to show large August placements into feedlots. Oct live cattle down 75 cents at 91-80. Oct feeders down 80 at 116-88. Sept Class III milk down a nickel at 11-85. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.