07/27/06 More fund selling in wheat

Marketline July 27, 2006 Wheat futures continued to drop Wednesday on fund selling. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says the market was probably wanting a correction after the last crop report and demand has been average at best. Georgantones: "Getting a little more handle on the crop here and there is talk that the way the spring wheat tour is going that things are looking a little bit better than they thought. I don't know about that. I don't hear many good stories coming out of the spring wheat belt. It doesn't take much when wheat is $5. You have to keep on feeding the bull. We are in sort of an end of the month liquidation mode here right now." There was also market talk that China may have a bumper crop that could lead to some export activity. On Wednesday, September Chicago wheat was down 11 ¼ cents at 3-82. September corn down 3 1/2 at 2-36. Portland cash white wheat steady to a penny lower at mostly 3-86. Club wheat 3-86. HRW 11.5 percent protein down eight cents at 5-18. Dark northern spring 14% protein as much as a dime lower at 5-59. Expectations that Japan will announce today it is partially reopening to U.S. beef again, helped boost cattle futures Wednesday. Hot weather in the Plains was also seen as limiting weight gains at feedlots. Aug live cattle up 178 at 84-28. Aug feeders up 115 at 114-53. Aug Class III milk up two cents at 11-10. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.