06/30/05 Wheat traders keep an eye on soybeans

Wheat futures were mixed on the close Wednesday. The wheat market continues to keep a nervous eye on the soybean pit for direction. Soybean September futures gained more than five points yesterday. Chicago September wheat was up ½ to 3.38 ½. September corn 2.26, off 1 ¾. Portland cash white 3.83 August new crop unchanged at 3.73. Club White 3.89 Pacific Northwest HRW 11.5 percent protein 4.01 Dark Northern Spring 14 percent protein 5.16 Export barley 95 /ton Today, USDA releases its Quarterly Grain Stocks and Actual Planted Acreage reports. Analyst Alan Brugler says. BRUGLER "Planted acreage takes on a little extra gravity because there have been some private estimates that suggest up to a million and a half acres of additional corn were planted over what we say in the March intentions and a corresponding drop of a million or more in the soybeans." Live cattle futures sagged lower Wednesday. Despite moderately higher boxed beef prices this week and steady cash market, traders are concerned that beef demand could soften after the July Fourth holiday while cattle supplies will remain seasonally large. August live cattle 79.55 off .55 August feeders 109.35, down .25. August Class III milk at Chicago is down .18 to 14.77. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.