06/06/06 Mixed wheat futures; cattle lower

Marketline June 6, 2006 There wasn't any dominant news for wheat futures Monday and contracts were mixed with Chicago posting the largest losses. Kansas City got support from prospects for a reduced production forecast when USDA updates production numbers this Friday. There is increasing harvest activity too. Brad Rippey, USDA meteorologist says nine percent of the U.S. winter wheat crop was cut at the start of this week. Rippey: "Oklahoma, 48% of the wheat harvested. And compares to last year, seven percent. The five year average of 18%. Also seeing harvesting underway, one percent in Kansas, all the way up into Missouri." Argentina has reduced its estimate of wheat plantings pointing to some drought problems and high fuel prices. On Monday July Chicago wheat was down 5 ¼ cents at 3-98 ½. July corn down 6 ½ at 2-53. Portland cash white wheat was steady to two cents higher at mostly 3-88. August new crop mixed at 3-96. Club wheat 3-88. HRW 11.5 percent protein up two cents at 5-56. Dark northern spring 14% protein down a penny at 5-80. No Portland barley bids. Cattle futures were lower Monday. News that beef exports to South Korea would not resume this week as had been expected weighed on the market. There was also profit taking on recent gains and ideas that futures are at a near-term top. Aug live cattle down 63 cents at 80-68. Aug feeders down 65 at 109-58. July Class III milk down two cents at 11-91. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.