08/22/06 Wheat futures mixed, cattle gain

Wheat futures closed mixed on Monday. Recent beneficial rain in the Plains and lackluster export sales are the major negative market factors along with some bargain hunting and commercial pricing interest. On Monday Chicago September wheat was 3.65 ¾ up 1 ¼. September corn 2.21 up 1 ¼. Portland cash white mostly 3.97, up a penny. Club White up one to 4.27 HRW 11.5 percent protein unchanged at 5.16. Dark Northern Spring 14 percent protein down .02 mostly 5.33. Drought conditions have forced producers to send more cattle to the market and USDAlivestock analyst Shayle Shagam says that will mean lower prices for consumers. Shagam expects the price for choice beef will be from 3.90 to 3.95 a pound later this year and into 2007. SHAGAM "Those do represent declines the low four dollar price range that we saw in the fourth quarter of 2005 and the first quarter of 2006." Cattle futures were higher on the close Monday. The market was supported by the firm tone in cash prices late last week. October futures attracted technical buying interest. October live cattle 91.65 up .78. October feeders up 1.35 at 117.95 September Class III milk at Chicago 12.13, down .09. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.