05/09/05 First USDA production estimate this week

Marketline May 9, 2005 Before this new trading week is over USDA will issue its first surveyed production forecast for U.S. winter wheat and an estimate of the world wheat crop as well. That will be Friday. Last Friday wheat futures were higher on a technical bounce and Brian Hoops of Midwest Market Solutions, says weather was supportive as well. Hoops: "The forecasts are for hot and dry across the southern Plains. Temperatures expected to reach into the 90s. Spring wheat belt is also suffering from some dryness concerns. Stats Canada was also out with its estimate of stocks, not a big market mover for the trade. We are mainly higher on some short covering and expecting some hotter, drier temperatures, adding some premium back into prices." On Friday Chicago July wheat was up 3 1/4 at 3-17. July corn up a 1/4 at 2-08 1/4. Portland cash white wheat steady to a penny higher at mostly 3-95. New crop August 3-73. Club wheat $4. PNW HRW 11.5 percent protein higher at 4-05. Dark northern spring 14% protein higher at 4-93. Export barley 104 dollars a ton. Southern Plains fed cattle sold Friday two dollars lower than the previous week at 91 dollars. Boxed beef was sharply lower again Friday. Weakness in cash cattle and beef pressured futures. June live cattle down 37 cents at 85-05. Aug feeders down 30 at 109-55. June Class III milk down a nickel at 13-40. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.