05/19/06 Wheat and cattle futures mixed

Marketline May 19, 2006 Wheat futures were mixed Thursday though Kansas City contracts were mostly higher. Kansas City July managed to hold near steady after hitting resistance at $5.14 on the weekly charts. Weekly export inspections for wheat were within trade expectations but were disappointing to Peter Georgantones of Investment Trading Services in Bloomington, Minnesota. Georgantones: "I think people are trying to balk a little bit and see if we get a correction before they buy wheat in here. Weather still looks price supportive but I think we got ahead of ourselves the last couple of days." A supportive factor Thursday was talk that Argentina may limit its wheat exports to seven to eight million tons. USDA has them pegged in at 10.5 million. On Thursday July Chicago wheat was down 4 ½ cents at 4-18 ½. July corn down 2 ¾ at 2-60 ¼. Portland cash white wheat was still one to two cents higher at mostly 3-85 with August new crop four to five cents higher at 4-02. Club wheat 3-95. HRW 11.5 percent protein down a penny at 5-54. Dark northern spring 14% protein down six at 5-88. No Portland barley bids. Lack of fed cash cattle market action and cautiousness ahead of this afternoon's USDA Cattle on Feed Report made for a mixed close in cattle futures Thursday. June live cattle up eight cents at 77-80. Aug feeders down two cents at 106-45. June Class III milk down 19 cents at 11-10. Wednesday USDA had reported milk production in the 23 major producing states was up 3.7 percent in April over April of 2005. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.