06/13/08 Wheat futures close lower; corn up

Market Line June 13, 2008 Wheat futures gave back some of Wednesday's big gains in Thursday's trading. A higher dollar and lower crude during the day was cited as a negative factor for grains. Rain may interrupt both the hard red winter wheat harvest in the southern plains and also soft red winter. Of course the rains are a continuing concern for the U.S. corn and soybeans crops and now USDA economist Nick Marathon says flooding has led to the closure of 216 miles of the Mississippi River to shipping. Marathon: "This will stop all barges from the upper Mississippi River to New Orleans. The closure will likely last two weeks or longer because the machinery must be removed and then reinstalled after the flood levels reside." On Thursday Chicago July wheat was down 18 cents at 8-51. July corn up 5 ¾ at 7-09. Portland August new crop soft white wheat 20 to 25 cents higher at 8-60 to 8-80. August HRW 11.5 % protein down 16 to 21 cents at 9-80. August DNS 14% protein down 17 cents at 10-64. Barley at the coast 218 dollars a ton for July. South Korea's Trade Minister is supposed to be in the U.S. today for beef talks with the U.S. Trade Representative. USDA has said it will not renegotiate the beef agreement with Korea but will not stand in the way of private deals reached on exporting U.S. beef. Cattle futures were mostly higher Thursday. Fund buying was cited as factor. August live cattle up 75 cents at 101-60. August feeders up 22 at 109-05. July Class III milk was down six cents at 19-97. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.