06/02/06 Wheat futures mixed; cattle higher

Marketline June 2, 2006 Wheat futures were mixed to mostly lower Thursday in what was described as a day of consolidation after Wednesday's steep break in prices. Lower precious metals and a stronger dollar were negative for wheat. Reports from the hard red winter wheat harvest in the Plains are also suggesting better yields than expected. Because of Monday's holiday Joe Victor of Allendale Incorporated says the trade will get USDA's weekly export sales report this morning but he isn't expecting anything great. Victor: "Wheat sales, high prices keeping much of the world demand away from us." That would be high prices for hard red wheats. On Thursday July Chicago wheat was down 1 ½ cents at 3-92. July corn up 3 ¼ at 2-54 ½. Portland cash white wheat was four to eight cents lower at mostly 3-82 in reaction to both Wednesday's and Thursday's lower futures. First half August lower at 3-90. Club wheat 3-82. HRW 11.5 percent protein lower at 5-44. Dark northern spring 14% protein down three cents at mostly 5-71. No Portland barley bids. Cattle futures were higher Thursday. There was support from expectations cash fed cattle will trade one to two-dollars higher this week. Boxed beef has climbed strongly higher suggesting that Memorial weekend beef demand was favorable and traders expect retailers to be buying for the upcoming Father's Day. Aug live cattle up 63 cents at 80-70. Aug feeders up 85 at 109-97. July Class III milk up four cents at 11-88. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.