07/15/05 Market now knows Canadian cattle coming

Marketline July 15, 2005 We will find out today just how much anticipation of reopening the border to live Canadian cattle was in the market or not. Thursday afternoon the 9th Circuirt Court of Appeals ordered a reversal of the preliminary injunction that had been keeping Canadian cattle out of the U.S. Feeder cattle futures saw some triple digit losses Thursday but higher corn got some of the blame. Aug feeders were down 143 at 108-13. Aug live cattle were down 17 cents at 78-95. Aug Class III milk up a nickel at 15-04. Wheat futures were higher again Thursday. Brain Hoops of Midwest Market Solutions says that once again Midwest weather for corn and soybeans was the market driver. Hoops: "And the weather was for the most part very warm, very dry in the Midwest during the pollination season with very little chance of rain. Would expect going into the weekend to see a little more of the profit taking mode but we should be firm going into the weekend with higher weekly closes." Wheat may be following the row crops higher but USDA's weekly export sales report was disappointing coming in way under trade expectations. On Thursday Chicago September wheat was up 4 3/4 cents at 3-44 ½. September corn up 5 3/4 at 2-50 ½. Portland cash white wheat steady to two cents higher, mostly 3-73. August new crop 3-72. Club wheat 3-79. PNW HRW 11.5 percent protein higher at 4-01. Dark northern spring 14% protein lower at 4-78. Export barley 102 dollars a ton. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.