07/11/05 Watching a hurricane & waiting for USDA

Marketline July 11, 2005 Just where the rains went inland from Hurricane Dennis will influence the grain trade today. Wheat followed the row crops lower Friday as the forecasts heading into the weekend looked like the hurricane could bring rains to dry areas of the Midwest. Tomorrow the markets get USDA's July crop production and supply and demand reports Gary Hofer of Gary Hofer Commodities, says the export sales report for wheat Friday did help. Hofer: "Friday's lower action in the wheat was shored up by weekly export sales showing 629,800 metric tons for the previous week. Way above trade estimates. If beans and corn see helpful moisture coming out of hurricane Dennis wheat will be left without one of the key reasons for price confidence in the last three to five weeks. If the moisture idea gives way to hot and dry conditions once again, top will come off." . On Friday Chicago September wheat was down 6 ½ cents at 3-37 1/4. September corn down seven at 2-34 3/4. Portland cash white wheat mixed at mostly 3-77. August new crop 3-74. Club wheat 3-81. PNW HRW 11.5 percent protein lower at $4. Dark northern spring 14% protein lower at 4-96. Export barley 101 dollars a ton. Cattle futures were lower Friday as the market turned down in late trading over disappointment over steady cash cattle sales. Aug live cattle down 75 cents at 79-35. Aug feeders down a dime at 111-97. Aug Class III milk down a dime at 14-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.