08/14/06 Sharp losses for wheat futures

Marketline August 14, 2006 Wheat futures posted double digit losses Friday, which pressured Portland cash wheat, as USDA did not cut U.S. spring wheat production as much as the trade expected in its August crop report. Spring wheat production at 467 million bushels was about 20 million more than average trade guesses. The corn crop was also bigger than expected. But Joe Victor of Allendale Incorporated says there is a silver lining to Friday's price declines. Victor: "But we fully anticipate that foreign importers that need corn as well as wheat are going to be coming to the United States. It may not happen in the next 15-30 days but shortly after this harvest begins get ready for a rocket ride. It looks like this thing has all the potential in the world to act similarly to what 2003 going into 2004 did." But by March Allendale expects prices to break. On Friday September Chicago wheat was down 12 ¾ cents at 3-73 ¾. September corn down 14 at 2-24 ¾. Portland cash soft white wheat steady to seven cents lower at mostly 3-94. Club wheat 4-19. HRW 11.5 percent protein down as much as 15 cents at 5-05. Dark northern spring 14% protein 14-15 cents lower at 5-41. No Portland barley bids. It was a mixed close for cattle futures Friday as the market was said to take a breather after shooting higher Thursday on better cash fed cattle and boxed beef prices. Oct live cattle up 18 cents at 92-55. Oct feeders down 25 at 117-68. Sept Class III milk up 14 cents at 11-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.