07/05/05 Row crop weather the focus

07/05/05 Row crop weather the focus

Marketline July 5, 2005 Weather over the long holiday weekend and new forecasts for the remainder of the week and beyond are expected to dominate the attention of grain traders as they return to the pits today. And that's weather for the row crops. Pollination weather for corn. Mark Chiodo of Slipka Commodities in Minneapolis, says that's the market driver right now, particularly soybeans. It helped wheat put in a positive day Friday and other than that, Chiodo says wheat doesn't have much going for it right now. Chiodo: "Your starting to get into harvest in the soft wheat areas. Harvest is following through in the hard wheat areas. So there is no catalyst there to push it up." On Friday Chicago September wheat was up three cents at 3-34 ½. September corn up 3 1/4 at 2-25 ½. Portland cash white wheat steady to a penny higher, mostly 3-77. August new crop 3-74. Club wheat 3-83. PNW HRW 11.5 percent protein higher at 3-99. Dark northern spring 14% protein higher at 5-12. Export barley 100 dollars a ton. Holiday weekend meat clearance may be one item on the minds of cattle traders this week. Beef prices were up a little last week. There is now less than a three-dollar price spread between Select and Choice as feedlots are holding onto cattle longer, getting them heavier and getting a larger percentage of Choice. Carcasses are about 15 pounds heavier than a year ago. Going into the long weekend cattle futures were higher Friday. Aug live cattle were up three cents at 79-33. Aug feeders up 88 at 110-30. Aug Class III milk up a dime at 14-84. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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