06/14/06 Cattle futures buck the downward trend

Wheat futures ended lower on Tuesday. Increasing harvest activity and weakness in corn and soybeans weighed on the market. Futures fell to the lowest level since early May with speculative long liquidation weighing heavily on Kansas City, July wheat down 8 cents, Minneapolis off 4/34. On Tuesday Chicago July wheat was down 4 cents at 3.69 ¾. Analyst Mark Chados says weather is the key. CHADOS "We're square in the middle of a weather market here at least the time of the year when the weather makes the biggest difference so everyone is glued to what's going on there." July corn down 4 1/4 at 2.43 ¼ on improved weather forecasts for next week. Portland cash white unchanged most at 3.84. First half August 3.84, second half August 3.86. Club White most 3.84. Pacific Northwest HRW 11.5 percent protein first half June down 7 to ten at 5.28, last half June 5.27. Dark Northern Spring 14 percent protein June mostly 5.60. No bids on export barley Cattle futures were mostly higher on Tuesday. Spillover support came from hogs on the belief that climbing pork prices will boost demand for beef. August live cattle up .45 to 79.08. August feeders 108.80 a gain of .58. July Class III milk at Chicago 11.70 up .05.