07/13/05 USDA numbers bearish wheat

Marketline July 13, 2005 Wheat futures were lower Tuesday in the wake of USDA production and supply and demand numbers. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says the USDA numbers were higher than expected. Chiodo: "The USDA came in with a production number 28 million over the trade estimates. Came up with 2.2 billion production and raised the carryout to 700 million. So, in a nutshell we are a little bit bearish on the wheat." Spring wheat production was reported at 588.7 million bushels as compared to average trade estimates of 557 million bushels. Global wheat stocks were slightly lower at 143.34 million tonnes as compared to 144.25 last month. USDA pegged total soft white wheat production at just under 292-million bushels. On Tuesday Chicago September wheat was down 2 3/4 cents at 3-32 ½. September corn up a 1/4 at 2-35 ½. Portland cash white wheat steady to two cents lower at mostly 3-73. August new crop lower at 3-72. Club wheat 3-79. PNW HRW 11.5 percent protein lower at 3-90. Dark northern spring 14% protein lower at 4-85. Export barley 100 dollars a ton. Cattle futures were mixed Tuesday as traders took a wait and see approach to an appeals court hearing on the Canadian import issue being held today in Seattle. Aug live cattle up 45 cents at 78-52. Aug feeders down 47 at 109-65. Aug Class III milk up seven cents at $15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.