07/26/06 Wheat and cattle futures down again

Marketline July 26, 2006 Spring wheat contracts at Minneapolis led the losses in wheat futures Tuesday. Peter Georgantones with Investment Trading Services at the Minneapolis Grain Exchange was puzzled. Georgantones: "I wasn't quite sure why because we had earlier calls four or five better in corn and beans up ten cents and then wheat started selling off. I haven't really heard a good reason but maybe just a little bit more profit taking." Other commentaries pointed to spring wheat harvest underway in the parts of the northern Plains and commercials selling. There was also a sell-off in French wheat futures Monday night as rains are now in the forecast in Europe later this week and their heat wave is expected to move east into Russia. On Tuesday, September Chicago wheat was down 7 ¼ cents at 3-93 ¼. September corn up a half at 2-39 ½. Portland cash white wheat steady to two cents lower at mostly 3-87. Club wheat 3-87. HRW 11.5 percent protein six to nine cents lower at 5-26. Dark northern spring 14% protein 11 to 13 lower at 5-70. No Portland barley bids. Cattle futures were mostly lower Tuesday in a low volume trade. Traders are awaiting cash market developments. Expectations are for steady to perhaps slightly lower cash fed prices. The market is also awaiting news about Japan. Aug live cattle down 18 cents at 82-50. Aug feeders up three at 113-38. Aug Class III milk down four cents at 11-08. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.