08/04/06 Wheat futures mixed; club premium up

Marketline August 4, 2006 Spring wheat contracts at Minneapolis posted gains Thursday but futures at Chicago and Kansas City were lower. Futures were up in early trading on the weekly export sales report showing 583-thousand 400 metric tons. That was a new high for the marketing year, but there was a late sell off at Chicago. Brian Hoops of Midwest Market Solutions thinks a Canadian Wheat Board crop estimate of 22.7 million tons should be friendly for today. Hoops: "The USDA is saying Canada's crop should be 26.5 so it is a big drop and we will update production figures next Friday's USDA report. The Australian Wheat Board has the crop at 20.5 million metric tons and that is down from the USDA estimate of 21.5. So we could into next Friday's report and be a little bit friendly as we get world production estimates from the USDA." USDA announced CCC purchases of 18-thousand 500 tons of soft white wheat for donation to Pakistan and Afghanistan,. On Thursday, September Chicago wheat was down 6 ¼ cents at 3-95 ¼. September corn down 2 ¼ at 2-45. Portland cash white wheat one to three cents higher at mostly 3-95. A 20-cent premium on Club wheat at Portland now with club at mostly 4-15. HRW 11.5 percent protein unchanged to a penny lower at 5-25. Dark northern spring 14% protein higher at 5-58. Cattle futures were mostly higher Thursday. There was a late short covering rally in live cattle on news packers had upped their bids for cash cattle. Oct live cattle up 38 cents at 87-95. Oct feeders up 68 at 114-08. Sept Class III milk down 13 cents at $12. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.