07/14/05 Cornbelt weather dominates futures

Marketline July 14, 2005 Dry weather in key corn growing states helped fuel a rally in the row crops Wednesday and wheat futures went along for the ride. A friendly soft wheat production report out of France also offered wheat some support. Brain Hoops of Midwest Market Solutions says Minneapolis and Kansas City wheat opened lower but when Chicago took off on fund buying, so did everything else. Hoops: "Pretty good funding buying of around 35-hundred to four-thousand contracts in wheat, three to five in beans and around seven to eight thousand contracts in corn. Most of Illinois and the eastern cornbelt has received light precipitation and that was less than expected. We moved higher to add in some weather premium. Otherwise, there was much news other than weather and that is 95% of our pricing influence right now." . On Wednesday Chicago September wheat was up 7 1/4 cents at 3-39 3/4. September corn up 9 1/4 at 2-44 3/4. Portland cash white wheat steady to two cents lower at mostly 3-73. August new crop 3-72. Club wheat 3-79. PNW HRW 11.5 percent protein higher at 3-95. Dark northern spring 14% protein mixed at mostly 4-84. No export barley bids but 99 dollars a ton delivered to inland feeding areas. Live cattle futures were higher Wednesday rebounding on late short covering. Feeder futures got pressure from higher corn. The 9th Circuit Court did not rule on the Canadian border appeal yesterday. Aug live cattle up 60 cents at 79-13. Aug feeders down a dime at 109-55. Aug Class III milk down a penny at 14-99. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.