05/29/07 Winter wheat acres to be updated

Market Line May 29, 2007 USDA is going to resurvey winter wheat acres in several eastern and Midwestern states for its June crop report because of the freezing weather in those regions earlier this spring. Jeff Gueder is with the National Agricultural Statistics Service. Gueder: "It is something we can do each year if it is needed or not. This year because of the freezing temperatures and there were enough states involved we thought it would be worthwhile. And we may not find any change but just thought it would be best to ask them again what their harvested acres are expected to be. Normally in May we'll do the initial harvested acres and in June we would continue the harvested acres from May and then begin asking the yield information." Meanwhile traders will be awaiting USDA's weekly crop progress report out after the close of trade today to see what type of damage heavy rains caused in the Plains last week. Friday wheat futures were higher on weather concerns including continued dryness in the Ukraine. On Friday Chicago July wheat was up a dime at 5-01. July corn down a half at 3-76. Portland cash soft white wheat and club wheat were three to 13 cents higher at mostly 5-68. Club wheat 5-68. August new crop soft white seven to 15 cents higher at 5-39. HRW 11.5 percent protein up nine cents at 5-74. Dark northern spring 14% protein nine to 11 cents higher at 6-14. Barley at the coast 164 dollars a ton. August at 153. Holiday weekend meat clearance will be of interest to cattle futures traders this week. Friday cattle futures were mostly lower given weak beef and cattle prices. August live cattle down seven cents at 91-15. August feeders down 65 at 110-95. July Class III milk down eight cents at 19-57. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.