07/12/05 USDA reports today

07/12/05 USDA reports today

Marketline July 12, 2005 Wheat futures were lower Monday despite higher soybeans. That surprised many traders but apparently thoughts that USDA might show a larger wheat crop in reports being issued today dampered any enthusiasm to buy wheat contracts. Gary Hofer of Gary Hofer Commodities, says the initial focus this morning will be on USDA's crop production and supply and demand reports. Hofer: "So at least the first 30 minutes are likely to be spent adjusting to any unexpected changes in the production or export stats. Most observers are expecting winter wheat production to slightly larger this year than last at about 2.18 billion bushels versus 2.15. Unless there are surprises, we will return to the harvest watch. Winter wheat harvest is well past half-way complete for the U.S. but if rains pushed into the Midwest from Hurricane Dennis move as expected there may be some delays in the late harvest action while things dry out." On Monday Chicago September wheat was down two cents at 3-35 1/4. September corn up a half at 2-35 1/4. Portland cash white wheat steady to weak at mostly 3-76. August new crop 3-74. Club wheat 3-82. PNW HRW 11.5 percent protein lower at 3-97. Dark northern spring 14% protein lower at 4-91. Export barley 100 dollars a ton. Cattle futures were sharply lower Monday. Traders blamed anxiety over the outcome of upcoming court hearings over the Canadian border situation as well as technical selling. Aug live cattle down 127 at 78-08. Aug feeders down 185 at 110-13. Aug Class III milk up a nickel at 14-93. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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