05/10/05 Weather forecast drops wheat futures

Marketline May 10, 2005 Weekly export inspections for wheat came in under trade expectations Monday but it was a mid-day weather forecast yesterday that did in wheat futures which closed mostly lower. Gary Hofer of Hofer Commodities explains. Hofer: "Monday's negative wheat market action leaned heavily on rains in the forecast for dry winter wheat areas in the Plains and southwestern U.S. Some of the crop in Texas will reach harvest readiness pretty soon making moisture less relevant for those areas, but the expected late season rains in Oklahoma and Kansas were enough to produce a minus 3 ½ cent session in Chicago and almost twice that much in Kansas City Monday." After the close Monday USDA reported the winter wheat crop ratings at 59 percent good to excellent, down from last week's 63 percent. Washington's crop saw a nine percent drop in the good to excellent category. On Monday Chicago July wheat was down 3 ½ at 3-13 ½. July corn down a half at 2-07 3/4. Portland cash white wheat steady at 3-95. New crop August 3-76. Club wheat $4. PNW HRW 11.5 percent protein lower at 3-97. Dark northern spring 14% protein lower at 4-90. Export barley 104 dollars a ton. The Plains fed cattle trade isn't expected to gear up until Wednesday. Boxed beef was lower Monday. Cattle futures were generally higher on technical factors with the Goldman Roll a feature. June live cattle up 35 cents at 85-40. Aug feeders up 50 at 110-05. June Class III milk down nine cents at 13-31. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.