06/06/05 Weather still focus of grain market

06/06/05 Weather still focus of grain market

Marketline June 6, 2005 Futures traders will continue to keep their eye on weather this week, both in the U.S. and at spots around the planet. Wheat futures were rather narrowly mixed Friday as forecasts going into the weekend were ideal for the soft red winter wheat crop but possible rain interruptions for the southern Plains harvest later this week. The weekly export sales report issued Friday was at the low end of expectations. Peter Georgantones of Investment Trading Services in Minnesota doesn't see much to excite wheat short term. Georgantones: "But I don't see anything to do but sell rallies in this market. For right now through harvest, after harvest that is a different story after we put in harvest lows. I think there are some dry areas around the world which could help the market turn higher. But right now, we are just in a choppy, lower trend here." On Friday Chicago July wheat was down 1/4 cent at 3-23 1/4. July corn up 1 1/4 at 2-18 1/4. Portland cash white wheat steady at mostly 3-92. New crop August 3-78. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-05. Dark northern spring 14% protein unchanged at 5-04. Export barley 102 dollars a ton. Live cattle futures bounced Friday boosted by news that cash cattle traded at $86 to 86.50 in the southern Plains, up from the 85-dollars earlier in the week. Heavy boxed beef movement also gave packers a more optimistic view for beef prices. Aug live cattle up 28 cents at 83-43. Aug feeders up 60 at 111-70. July Class III milk up 11 cents at 14-30. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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