05/26/06 Markets approach holiday weekend

Marketline May 26, 2006 Futures exchanges will be closed Monday for Memorial Day and wheat futures closed lower Thursday as speculative traders lightened their positions in preparation for the long weekend. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says harvest pressure is also picking up. Hoops: "Clinton, Oklahoma, and the western part of Oklahoma reported 30 bushel yields. A little bit better than expected. That kind of news is affecting the market. Also the IGC announced an increase of 2.6 mmt of world production to 600.5 million metric tons. That was also a little negative. Export sales were in line for everything." On Thursday July Chicago wheat was down 2 ¼ cents at 4-09 ½. July corn up 3 ¾ at 2-53 ¼. Portland cash white wheat was steady at mostly 3-83. August new crop unchanged to lower at 3-93. Club wheat 3-93. HRW 11.5 percent protein lower at 5-59. Dark northern spring 14% protein down six cents at 5-73. No Portland barley bids. Cattle futures were higher Thursday in a quiet session. Expectations are that cash fed cattle, when they trade, will be higher. The recent strength in cutout values was also supportive. June live cattle up 47 cents at 78-43. Aug feeders up 75 at 108-18. June Class III milk up seven cents at 11-35. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.