08/03/05 Spec buying and spring wheat concerns

Marketline August 3, 2005 Wheat futures edged higher again Tuesday. There was speculative buying and lots of talk about disease concerns in the northern Plains spring wheat crop. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says some moisture was taken out of some of the weather forecasts for Midwest. And weather is where the focus remains. Chiodo: "And of course if more rains shows up here Wednesday-Thursday we could be right back where we were. Watching weather the whole way here and that is going to drive us rather dramatically the next two, three weeks here. For now that is where we are at." An Iraqi Grain Board official says Iraq is still negotiating with U.S. and Australian companies to buy 1.3 million tons of hard wheat. On Tuesday Chicago September wheat was up 1 ½ cents at 3-32. September corn up 3/4 at 2-32 ½. Portland cash white wheat steady at 3-62. Club wheat 3-68. PNW HRW 11.5 percent protein higher at 3-99. Dark northern spring 14% protein higher at 4-63. Export barley 104 dollars a ton. Live cattle futures were mixed Tuesday with feeder contracts higher. Profit taking was cited in the live pit and cash prices supported feeders despite higher feed grains. Deferred live contracts indicate those feeders will lose money when they are marketed, which has some traders scratching their heads. Oct live cattle down 43 cents at 83-22. Oct feeders up 18 at 107-33. Sept Class III milk unchanged at 14-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.