05/31/05 Traders return to markets

Marketline May 31, 2005 Weather forecasts will likely be the first thing futures traders focus on as they get back in action today after a three day holiday weekend. USDA will issue its weekly crop progress report after the trade closes today. Wheat futures closed lower Friday heading into the long weekend. Although the Australian Wheat Board has estimated the crop, which is just going in the ground, at from 21 to 23 million metic tons, the commodity risk management unit of the National Australia Bank says the 2005 Australia crop could drop to 16 million tons. New crop soft white wheat prices at Portland are within the 10-year monthly average. For the month of August over the last ten years, white wheat prices have averaged $3.77. On Friday Chicago July wheat was down 2 3/4 cents at 3-35. July corn down 3 3/4 at 2-21 1/4. Portland cash white wheat steady to a penny lower at mostly 3-92. New crop August 3-83. Club wheat 3-95. PNW HRW 11.5 percent protein lower at 4-18. Dark northern spring 14% protein lower at 5-10. Barley delivered to inland feeding areas 99 dollars a ton. The USDA's Feeder Cattle Market Summary for last week noted that it was the first week in three straight months that the nationwide feeder cattle trend has been predominantly lower. In a shortened pre-holiday session last Friday, cattle futures were steady to higher. Aug live cattle unchanged at 84-07. Aug feeders up 67 at 111-45. July Class III milk up 16 cents at 14-08. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.