06/21/05 Wheat rides row crops higher again

Marketline June 21, 2005 There were some double digit gains for wheat futures Monday. Once again wheat benefitted from dry weather concerns for Midwest corn and soybeans. Gary Hofer of Gary Hofer Commodities, says Portland white wheat prices didn't move nearly as much of the futures. Hofer: "New crop bids were a little better gaining one to six cents to close within a dime of old crop at about 3-77. So the red wheat is off on another gorilla hunt while the PNW sleeps. Whatever the problems in the Midwest maybe, and at this point those are harvesting operational type problems, the PNW is headed for a solid production year." USDA reported Monday afternoon that 22 percent of the U.S. winter wheat crop had been harvested to start this week. That's behind the five year average pace for now of 29 percent. On Monday Chicago July wheat was up 11 ½ cents at 3-39. July corn up 6 ½ at 2-35 ½. Portland cash white wheat one to two cents higher at mostly 3-87. New crop August 3-77. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-18. Dark northern spring 14% protein higher at 5-26. Export barley 102 dollars a ton. Cattle futures were higher Monday . Feeder contracts saw the best gains as traders interpreted the less than expected placements in Friday's Cattle on Feed Report as evidence of tight feeder cattle supplies. The market meanwhile waits for further test results on a potentially positive BSE case. Aug live cattle up 35 cents at 80-25. Aug feeders up 107 at 108-65. July Class III milk up three cents at 13-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.