07/07/06 Mixed close for wheat; cattle lower

Marketline July 7, 2006 Minneapolis wheat futures led the way higher again Thursday with Chicago following but Kansas City hard red winter contracts closed lower. Disappointing export inspections were said to be a negative for Kansas City. The holiday delayed export sales report will be out this morning. Joe Victor of Allendale Incorporated says weather remains the driver even with some rain the forecast. Victor: "Northwest corn belt, North Dakota, South Dakota, as well as the spring wheat region which is taking a hammering right now with the drier weather, warmer temperatures sucking soil moisture out, top soil moisture. It is depleting into the sub-soil moisture and of course it couldn't happen at a worse time when you've got spring wheat trying to go through the reproductive phase. So it definitely has the market's attention." On Thursday September Chicago wheat was up 2 ½ cents at 4-07 ¼. September corn up 5 ½ at 2-55. Portland cash white wheat was steady to firm at mostly 3-87. First half August 3-90. Club wheat 3-87. HRW 11.5 percent protein lower at 5-73. Dark northern spring 14% protein up two cents at 6-25. No Portland barley bids. It was another volatile Thursday for cattle futures. Live contracts hit new highs only to drop sharply lower in late trading. Boxed beef values had been lower Thursday morning. Feeder contracts also got pressure from higher feed grain futures. Aug live cattle down 90 cents at 85-85. Aug feeders down 120 at 116-05. Aug Class III milk down 14 cents at 11-55. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.