05/06/05 Wheat tour finds good Kansas crop

Marketline May 6, 2005 Wheat futures closed lower Thursday as the weekly export sales report was lackluster and the Kansas crop tour reports a good crop. The Wheat Quality Hard Red Winter Wheat Tour estimated the Kansas winter wheat crop at just under 420 million bushels. That compares to last year's 314 million bushels. But Bruce Handcock of the Wheat Quality Council emphasizes the Kansas crop isn't made yet. Hancock: "Now I carried a soil probe with me all day and I couldn't find anyplace I could get in the ground more than two inches. So, I think the key is the moisture. The wheat is there. If we could just get a little rain on it we are going to have a nice wheat crop in the state of Kansas. I doubt it's a record, but it is a nice crop." On Thursday Chicago July wheat was down 3 ½ cents at 3-13 3/4. July corn down two at 2-08. Portland cash white wheat was steady at mostly 3-95. New crop August 3-72. Club wheat $4. PNW HRW 11.5 percent protein lower at 4-01. Dark northern spring 14% protein lower at 4-91. Export barley 104 dollars a ton. At auction this week 400-500 pound steers were 117 to 130 at Madras, Oregon, 127 to 140 at Idaho Falls. Seven to eight weights 104 to 110 at Madras, 107 to 113 at Idaho Falls. There was still no action yesterday in the Southern Plains fed cattle trade. Boxed beef was down sharply Thursday. Cattle futures were higher with many contracts posting new highs. June live cattle up 50-cents at 85-42. Aug feeders up 80 at 109-85. June Class III milk down three cents at 13-45. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.