06/22/06 Japan news helps cattle; wheat higher too

Marketline June 22, 2006 An announcement Wednesday that the U.S. and Japan had reached an agreement for the limited resumption of U.S. beef exports provided support for cattle futures which closed mostly higher Wednesday. Positive reaction was limited though by expectations for a softer tone in the cash market into early July. That U.S. -Japanese agreement has no specific date for U.S. beef shipments to resume, just sometime after Japan audits U.S. plants which is expected to be completed later in July. On Wednesday, Aug live cattle up a nickel at 83-25. Aug feeders up 45 at 113-20. July Class III milk down nine cents at 11-26. There is a Cattle on Feed Report tomorrow. Wheat futures were higher again Wednesday led by Minneapolis, then Kansas City. Brian Hoops of Midwest Market Solutions says the reasons were pretty much the same as earlier in the week. Hoops: "We are seeing some support from crop ratings being lowered. Also anticipating that we are seeing the end of the winter wheat harvest pressure. So, hopes for a post-harvest rally are giving us some rebound in the wheat market." On Wednesday July Chicago wheat was up a nickel at 3-72. July corn up three at 2-32 ¾. Portland cash white wheat was two to three cents higher at mostly 3-76 on limited bids. First half August up two at 3-82. Club wheat 3-76. HRW 11.5 percent protein up nine cents at 5-44. Dark northern spring 14% protein as much as 16 cents higher at 5-79. No Portland barley bids. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.