07/10/06 Exports down, so are wheat futures

Wheat futures were lower on Friday despite hot, dry weather in the northern Plains. Weekly export sales of 11 million bushels were on the low side of expectations and Joe Victor at Allendale and Associates says Chicago and Kansas City wheat took the hits. VICTOR "The market is still guessing, still having a difficult time trying to get a hold of what the yield potential is for spring wheat. If the sales are not going to manufacture look for the prices to have to correct because of the poor performance primarily on those export sales." Chicago September wheat was down 9 cents at $3.98 1/4. Kansas City September was 11 3/4 cents lower and Minneapolis September was 4 1/2 cents lower. September corn was four cents lower at 2.51. Portland cash white 3.87 First half August 3.90. Club White mostly 3.87 Pacific Northwest HRW 11.5 percent protein 5.61 Dark Northern Spring 14 percent protein 6.16 Cattle futures were down on Friday pressured by technical selling following Thursday's lower close. Sharply lower lean hog futures contributed to the weakness in the cattle pit. Cutout values turned lower sparking concerns that demand will slow this summer. August live cattle futures were 62 points lower at $85.32. August feeders down 15 at 115.90. August Class III milk at Chicago down .10 at 11.45.