06/05/06 Futures markets end week on up notes

Wheat futures ended higher on Friday. The market was able to rebound on support from lower private winter wheat production forecasts. Despite the recovery, Chicago and Kansas City fell about 12 cents for week with most of the damage inflicted on Wednesday. With harvest gaining momentum, hedging pressure will increase in the next few weeks. Chicago July wheat gained 11 3/4 cents to close at $4.03 3/4. Kansas City July was 10 3/4 cents higher while Minneapolis July wheat climbed 7 cents to close at $4.66. Corn futures closed higher Friday on continued weather concerns. So far this season, weather has been generally favorable. July closed 5 cents higher at $2.59 1/2. Portland cash white mostly 3.86 Club White 3.86 Pacific Northwest HRW 11.5 percent protein 4.54 Dark Northern Spring 14 percent protein mostly 5.81 Cattle futures were higher Friday. The market found support from continued strength in beef cutout values and climbing cash prices. Short-covering gains are expected to carryover this week. June ended 35 points higher at $80.32. August live cattle.60 higher at $81.30. August feeder cattle closed 25 points higher at $110.22. July Class III milk at Chicago 11.93 up .05.