06/23/06 Wheat pressured by corn, soybeans

Wheat futures were mostly lower on Thursday. Winter wheat futures were pressured by a flurry of selling pressure at the close. Harvest pressure, lackluster new export sales, and lower corn and soybean futures weighed on wheat according to analyst Brian Hoops. HOOPS-"July options expire after the close of the markets, we should have a little more better trading range, little bigger price swings as markets resume trading next Monday and we get into next Friday's acreage report." On Wednesday Chicago July wheat was 3.65 ½ down 6 ½. July corn 2.30 ½ down 2 ¼. Portland cash white 3.76 Club White 3.76 Pacific Northwest HRW 11.5 percent protein mostly 5.39 Dark Northern Spring 14 percent protein June mostly 5.82, up 05. Cattle futures closed higher on Thursday as traders extended the strong surge higher that began last week. Technical buying continues to provide the dominant support. Anticipation of a bullish USDA Cattle on Feed report due out this afternoon contributed to the buying interest. June cattle climbed 87 to close at $82.62. August was up 1.32 at $84.57. August feeder cattle surged 1.65 higher at $114.85. July Class III milk at Chicago down .06 at 11.20.