07/17/06 A bounce into the weekend

Marketline July 17, 2006 Wheat futures posted small gains Friday. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says traders were faced with some conflicting weather forecasts but he thinks prices bounced after the sharp losses suffered on Thursday on thoughts the market was oversold. Others also cited outside support from higher oil and metals markets. Kelbrantz: "I'd watch weather forecasts for direction and also expect volatile conditions to continue." Kelbrantz says there are some gas under the market at Minneapolis that could be filled this week. It will be after futures close today that USDA issues an updated crop condition report. Last week a ten point drop in the spring wheat ratings sent futures higher. On Friday September Chicago wheat was up 1 ¼ cents at 4-17 ½. September corn up ¾ at 2-76 ¾. Portland cash white wheat was three to six cents lower at mostly 3-83. Club wheat 3-88. HRW 11.5 percent protein mixed at 5-36. Dark northern spring 14% protein mixed at mostly 6-01. No Portland barley bids. Cattle futures were lower Friday amid profit taking and contract rolling. Adding to selling pressure were falling boxed beef values and expectations for a softer tone in the cash market. Japan said it found some beef mixed in their pork and poultry imports. Aug live cattle down 60 cents at $84. Aug feeders down 43 at 114-22. Aug Class III milk down a nickel at 11-26. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.