06/08/06 Grain trade prepares for USDA report

Marketline June 8, 2006 Wheat futures which had been down in early trading Wednesday reversed course to close higher. Christopher Modoff with R. J. O'Brian at the Chicago Board of Trade says good corn belt weather and weakness in precious metals pressured wheat earlier on. Modoff: "When we did see the metals market rebound a little bit. That seemed to spur a little short covering here across the floor and the market slowly began to grind itself back to the upside, picking up speed as got into the close with some relatively heavy volume early on the break, but not so heavy volume on the rally back." Traders get the weekly export sales report this morning and then updated production and supply and demand numbers from USDA tomorrow morning. On Wednesday July Chicago wheat was up 2 ¾ cents at 3-87 ¾. July corn up 3 ¼ at 2-51. Portland cash white wheat was steady to a penny lower at mostly 3-81. First half August down two at 3-89. Club wheat 3-81. HRW 11.5 percent protein up nine cents at 5-47. Dark northern spring 14% protein up 7-9 cents at 5-70. No Portland barley bids. Cattle futures were mixed Wednesday. Traders await cash fed cattle market developments and the market is being pressured by ideas that seasonal weakness will hit beef prices soon as demand slows and market ready supplies of cattle increase. Aug live cattle down three cents at 80-55. Aug feeders down 45 at 109-40. July Class III milk down seven cents at 11-68. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.