07/13/06 Wheat futures lower after mixed USDA data

Marketline July 13, 2006 Wheat futures closed lower Wednesday. Some commentaries say it was a "buy the rumor, sell the fact" day or profit taking. But USDA reports had both positive and negatives for wheat. The spring wheat crop at 465 million bushels was called positive, but the USDA slightly increased winter wheat production as well as U.S. and world wheat ending stocks. Ryan Kilbrantz with ADM at the Minneapolis Grain Exchange still expects weather to be positive for futures. Kilbrantz: "I expect adverse to continue to fuel the rally in Minneapolis. The decreasing production numbers and yield losses are expected in Minnesota, Montana, North and South Dakota. So that should lend support to prices, but watch weather and forecasts and closely monitor that for price action as we move into summer." On Wednesday September Chicago wheat was down two cents at 4-14 ½. September corn up 4 ¼ at 2-68 ¼. Portland cash white wheat was steady to a penny lower at mostly 3-87. Club wheat moved higher at mostly 3-96. HRW 11.5 percent protein eight to 12-cents lower at 5-63. Dark northern spring 14% protein 8-13 lower at 6-24. No Portland barley bids. Cattle futures were mostly lower Wednesday pressured by technical selling and falling boxed beef values. Expectations are also for lower cash fed cattle this week and there are ideas hot weather will be negative for beef demand. Aug live cattle down 15 cents at 83-90. Aug feeders up seven at 113-72. Aug Class III milk up four cents at 11-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.