07/08/05 Markets react to London, Hurricane Dennis

Wheat futures were higher on Thursday rebounding from early weakness that was linked to the London bombings. However, Gary Hofer at Gary Hofer Commodities says the disruptive influence of the terrorist action soon gave way to renewed weather concerns in corn and soybeans. HOFER If there's a key variable in the short term is the path Hurricane Dennis. It may be able to cause some difficulties for corn and beans but it also has a chance to rescue some very dry corn and soybean acreage clear up in the heart of the Midwest row crop country." On Thursday Chicago September wheat was up .02 to 3.44. September corn gained .02 to 2.33 ¾. Portland cash white 3.77 August new crop 3.72 Club White 3.80 Pacific Northwest HRW 11.5 percent protein August new crop 3.95 Dark Northern Spring 14 percent protein 5.02 Export barley 100 /ton Live cattle futures were lower Thursday. Traders grew concerned that packers are showing little urgency about buying cattle. A decline in the boxed beef cutout values contributed to the market anxiety. August closed 52 points lower at $80.10. October fell 47 points to close at $83.40. August feeders up .43 to 112.08. August Class III milk at Chicago dropped .22 to 14.98. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.