07/06/05 Soybeans pull wheat futures higher

Marketline July 6, 2005 Wheat futures were pulled higher Tuesday by sharply higher soybeans as dry weather for parts of the soy and corn belt continues to worry traders. The higher futures didn't benefit Portland white wheat however. Gary Hofer of Gary Hofer Commodities, says row crop weather will continue to be the focus even as wheat harvest continues and rains continue to benefit the northern Plains spring wheat crop in the U.S. and Canada. Hofer: "Late Monday USDA crop ratings show the overall U.S. hard red spring wheat at 81% good to excellent. That's about 105% of the normal crop. In the background the Australians seemed to have pulled a rabbit from the hat with what amounts to a big turn around in their crop projections due to timely rain. There are no aggressive global wheat buyers right now. There is no pressure to come to the window quickly. The U.S. dollar index shows a positive chart pattern playing against the competitiveness of U.S. wheat sales." On Tuesday Chicago September wheat was up 12 cents at 3-46 ½. September corn up 14 ½ at 2-40. Portland cash white wheat steady to three cents lower at mostly 3-78. August new crop 3-74. Club wheat 3-84. PNW HRW 11.5 percent protein higher at 4-09. Dark northern spring 14% protein higher at 5-20. Export barley 101 dollars a ton. Cattle futures were higher Tuesday with some feeder contracts hitting three-week highs despite sharply higher feed grain futures. Retail meat clearance over the holiday weekend was reported as good. Aug live cattle up 82 cents at 80-15. Aug feeders up 42 at 110-72. Aug Class III milk up 28 cents at 15-12. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.