05/05/06 Wheat and cattle futures lower

Marketline May 5, 2006 Wheat futures were mostly lower Thursday. The hard red winter wheat belt has seen a little more rain than expected the past few days and reports from the Kansas wheat crop tour haven't attracted any new buying support. Ryan Kilbrantz of ADMIS at the Minneapolis Grain Exchange says the weekly export sales report was positive for wheat though. Kilbrantz: "Totaling 574,300 metric tons. Estimates were calling for between 250 and 400-thousand tons. Major destinations include Egypt, Japan and Iraq. This is for both crop years." The crop tour estimated Kansas hard red winter wheat production at 319 million bushels, down from last year's 380 million. Oklahoma production was pegged at 67 million bushels compared to 128 million last year. On Thursday July Chicago wheat was down 2 ½ cents at 3-62 ½. July corn down 3 ¼ at 2-39 ¼. Portland cash white wheat one to two cents higher at mostly 3-67. August new crop higher at 3-72. Club wheat mostly 3-82. HRW 11.5 percent protein higher at 4-94. Dark northern spring 14% protein down a penny at 5-49. No Portland barley bids. Cattle futures were lower Thursday pressured by lack of cash fed cattle sales and a drop in boxed beef cutout values. There is uncertainty about post-Memorial Day holiday demand given the impact of high fuel prices on consumers. June live cattle down 92 cents at 74-20. Aug feeders down 107 at 103-30. June Class III milk up two cents at 10-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.