07/03/08 Holiday weekend ahead for markets

Market Line July 3, 2008 Volume could be light in futures trading today along with position squaring as the markets face a three-day holiday weekend with exchanges closed Friday for the 4th of July. Wheat futures were higher at Chicago and Kansas City Wednesday, lower again at Minneapolis as good weather is seen for the northern plains spring wheat crop. USDA announced a sale of 280-thousand tons of U.S. hard red winter wheat to unknown destinations yesterday but Joe Victor of Allendale Incorporated saw the gains as mainly a technical bounce. Victor: "Which did drive and trigger into buy stops and of course with a good strong close here in the corn market was able to lift the wheat and soybeans with it." On Wednesday Chicago September wheat was up 15 ½ cents at 8-80 ¼. September corn up 28 ¾ at 7-61. Portland August new crop soft white wheat unchanged to down 15 cents at 7-85 to 8-10. August HRW 11.5 % protein up 11 cents at 9-80. August DNS 14% protein five to ten cents lower at 10-41. Barley at the coast 223 dollars a ton for July. Continued gains in boxed beef prices helped live cattle futures close higher Wednesday as traders awaited cash market developments. Corn's comeback pressured feeder contracts which were mixed. August live cattle up 67 cents at 104. August feeders down two at 112-15. August Class III milk down 14 cents at 18-82. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.