06/15/06 Weakness in wheat; spud stocks down

Marketline June 15, 2006 Wheat futures posted some pretty good losses again Wednesday on an expanding wheat harvest and poor market technicals. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says it was just straight out fund liquidation which over the past two trading sessions should just about have run its course. Chiodo: "Being the last half of the week we should see a rebound at some point. At least that is typically what takes place once the funds get done doing what they are doing." On Wednesday July Chicago wheat was down 8 ½ cents at 3-61 ¼. July corn was down 6 ¼ at 2-37. Portland cash white wheat was three to four cents lower at mostly 3-80. First half August 3-86. Club wheat 3-80. HRW 11.5 percent protein down 11 cents at 5-17. Dark northern spring 14% protein down 11 at 5-49. No Portland barley bids. USDA reported Wednesday that potato stocks on June 1st in the 13 major potato states were 40 million hundredweight, down 23 percent from last year and 13 percent below 2004. Idaho stocks were down 27 percent from last year while Washington's were up 13 percent and Oregon's up 19 percent. Cattle futures were higher Wednesday after rebounding from early weakness. Futures discount to cash is providing support as traders await cash market developments. Aug live cattle up 52 cents at 79-60. Aug feeders up 63 at 109-43. July Class III milk down seven cents at 11-63. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.