07/17/07 Row crop sell-off takes wheat futures down

Market Line July 17, 2007 Limit down losses in corn and soybeans spilled over to wheat futures Monday which posted sharp losses. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says the catalyst for the break in the row crops was a weather forecast showing moisture for the eastern corn belt rather than hot and dry conditions. Hoops thinks that given USDA's crop rating numbers out after trading closed Monday, we could see some comeback today. Hoops: "Crop ratings in the corn down six percent to 64 good to excellent. Beans down three to 62 good to excellent. Spring wheat dropped two to 76 good to excellent and USDA announced 70% of the winter wheat has been harvested. So the big drop in ratings could give us a little bit of a bounce." On Monday Chicago Sept wheat was down 19 cents at 6-01 ¾. Sept corn down 20 at 3-34 ¾. Portland cash soft white wheat down 15 cents at mostly 6-26. Club wheat 6-34. August soft white lower at 6-30. HRW 11.5 percent protein down 15 at 6-44. Dark northern spring 14% protein lower by 17-19 cents at 6-95. Barley at the coast 164 dollars a ton through November. Live cattle futures were mostly lower Monday with feeder contracts closing higher. The drop in grain futures helped feeder contracts. August live cattle down 27 cents at 91-35. August feeders up 130 at 115-15. August Class III milk up 19 cents at 19-15. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.