08/02/06 Hard wheats lead futures lower

Marketline August 2, 2006 Wheat futures closed lower Tuesday with Minneapolis and Kansas City posting the largest losses. There was some hedge pressure from the rapidly progressing spring wheat harvest in the Plains. USDA reported this week the U.S. spring wheat harvest was 22 percent complete to start the week, far ahead of the seven percent of a year ago at this time and the six percent long term average. Agriculture Secretary Mike Johanns was in Iraq yesterday from where he told reporters Iraq is now the number three export market for U.S. wheat and he is optimistic about additional sales in the future. On Tuesday, September Chicago wheat was down a nickel at 3-92 1 /2. September corn up 1 ½ at 2-40 ½. Portland cash white wheat was steady to three cents higher at mostly 3-90. Club wheat 3-92. HRW 11.5 percent protein down 11-cents at 5-22. Dark northern spring 14% protein down 16-17 cents at 5-62. No Portland barley bids. It was a mixed close for cattle futures Tuesday. Feeders showed the most strength. Early profit taking made for weakness in the live pit where traders are waiting for cash market developments. There are thoughts packers are short bought which could men a firm cash market. Oct live cattle down 40 cents at 88-30. Oct feeders up seven at 114-85. Sept Class III milk down six cents at 12-24. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.