06/16/06 Export news boosts wheat futures

Wheat futures mostly higher on Thursday. Technically oversold conditions have helped the market bounce following recent seasonal harvest pressure. Marc Chiodo of Slipka Commodities says weekly export sales were better than expected. CHIODO "The biggest number of course was the corn sale, 1.46 million metric tons, plus 74 thousand metric tons for next year. That's well above the average guess or even the high end of the estimates. Then the wheat number 461 thousand metric tons. On Thursday Chicago July wheat was 1 1/4 cents higher at $3.62 1/2 July corn steady at 2.37 Portland cash white wheat down .05 to 3.75 First half August 3.75 Club White 3.75 Pacific Northwest HRW 11.5 percent protein up .03 to 5.19 Dark Northern Spring 14 percent protein unchanged at 5.51 Export barley no bids Cattle futures were sharply higher on Thursday. The market rallied to the highest level since early March. Recent strong gains in hog prices attracted buying interest to the cattle pit. June cattle surged $2.72 to close at $80.95. August live cattle up $3.00 at $82.60. August feeder cattle closed 2.92 higher at $112.35. July Class III milk at Chicago 11.50, down.13.