08/01/05 Still watching cornbelt weather

Marketline August 1, 2005 Traders say weather forecasts for the corn and soybean belt will continue to be the key for market direction this week. Christopher Modoff with R.J. O'Brian at the Chicago Board of Trade says fund selling, end the month position squaring and a private weather forecast calling for better crop growing conditions in August for the cornbelt, pressured prices Friday. But regarding that private forecast Modoff says: Modoff: "That is going against the trend of the National Weather Service and other private forecasters who have been calling for warmer weather and drier conditions. That put the market under pressure and we did see some stops triggered with funds noted sellers." China has estimated its wheat production this year at 96.5 million metric tons. That's up from last year's 91.3 and more than USDA's last estimate of 93 million tons. On Friday Chicago September wheat was down 5 1/4 cents at 3-27 3/4. September corn down 4 ½ at 2-36 ½. Portland cash white wheat was steady to weak at mostly 3-60. Club wheat 3-66. PNW HRW 11.5 percent protein lower at 3-94. Dark northern spring 14% protein lower at 4-59. Export barley 104 dollars a ton. Cattle futures were sharply higher Friday on news that cash cattle sold at $80, a dollar higher than the previous week. Feeder contracts got an additional boost from lower corn. Oct live cattle up 135 at 83-40. Oct feeders up 165 at 106-68. Sept Class III milk down 37 cents at 14-16. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.