08/04/05 Grain futures fall on rainy forecast

08/04/05 Grain futures fall on rainy forecast

Marketline August 4, 2005 Some rain for dry areas of the cornbelt and a private forecast for maybe more pressured row crop futures Wednesday which took wheat contracts lower as well. As Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange put it, weather ruled the roost. Chiodo: "I think if we put an inch of rain anywhere in the central cornbelt we will probably push through the lows here and see how much support is under that. If it fizzles like it has, why of course we are very strong the other way seeing as we are getting close to right in the middle of soybean pollination here." On Wednesday Chicago September wheat was down six cents at 3-26. September corn down 5 ½ at 2-27. Portland cash white wheat was steady at mostly 3-62. Club wheat 3-68. PNW HRW 11.5 percent protein lower at 3-93. Dark northern spring 14% protein unchanged to only a penny lower at 4-60. Export barley 105 dollars a ton. USDA reporting that further tests showed no BSE from a previously non-definitive result offered psychological support to a cattle market analysts said wanted to go higher anyway and cattle futures were up Wednesday with feeder contracts posting the biggest gains. Some Plains fed cattle sold at 82 dollars, two dollars higher than last week. There is talk about packers cutting hours later this week. Oct live cattle up 15 cents at 83-38. Oct feeders up 102 at 108-35. Sept Class III milk up 20 cents at 14-35. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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