07/14/06 A sell off in wheat futures; cattle up

Marketline July 14, 2006 Wheat futures were sharply lower Thursday. Commentary at the Chicago Board of Trade said there wasn't any one bit of news to point to but Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says there was some rain in the northern Plains. Kilbrantz: "Weather wise the northern Plains and the Canadian Prairies had some scattered showers with 15% coverage in the Prairies and 30% in the Plains. Most of the moisture was seen in North Dakota with amounts from an inch to a half inch." Temperatures in the region are expected to heat up again this weekend but there were thoughts that's already priced into the market. Some market participants said traders don't see a lot more upside potential and decided to take profits. Weekly wheat export inspections didn't offer much support coming in at the low end of expectations. On Thursday September Chicago wheat was down 19 cents at 3-95 ½. September corn down eight at 2-60 ¼. Portland cash white wheat was steady to three cents lower at mostly 3-88. Club wheat 3-93. HRW 11.5 percent protein as much as 26 cents lower at 5-39. Dark northern spring 14% protein 18 to 28 cents lower at mostly 6-01. No Portland barley bids. Cattle futures had solid gains Thursday with short covering cited. There were thoughts packers are short bought and will need to bid up cash prices yet this week. Lower feed grains helped feeders. Canada confirmed its 7th case now of BSE. The animal was born after the feed ban. Aug live cattle up 70 cents at 84-60. Aug feeders up 93 at 114-65. Aug Class III milk down six cents at 11-31. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.