06/02/08 Wheat futures rebound

Market Line June 2, 2008 Wheat futures closed higher Friday gaining back Thursday's losses. Joe Victor of Allendale Incorporated says it was mostly a technical trade. Victor: "Majority of the strength seen mainly as a technical rebound short covering. No new major big ticket items as far as tenders are concerned, but primarily technical lead for the day." The dryness in eastern Australia continued to offer wheat support but there is one forecast now that calls for rain there. The weekly export sales report came in within trade expectations. New crop sales were large at over 900-thousand tons. On Friday Chicago July wheat was up 18 cents at 7-61 ½. July corn up 17 at 5-99 ¼. Portland August new crop soft white wheat was 15 to 25 cents higher at 6-95 to 7-05. August HRW 11.5 % protein up a dime at 8-91. August DNS 14% protein up 18 cents at 9-88. Barley at the coast 198 dollars a ton. Expectations are that despite the opposition within South Korea that nation will reopen, again, this week to imports of U.S. beef. On Friday Cattle futures were higher. Analysts say higher corn drove up deferred live cattle contracts and feeders followed. August live cattle up 92 cents at 101-85. August feeders up 57 at 116-02. July Class III milk down 12 cents at 20-43. USDA reports the May Milk-Feed price ratio at a record-low 1.83. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.