05/03/07 Kansas wheat tour continues; pressures futures

Market Line May 3, 2007 Sloppy is how Peter Georgantones of Investment Trading Services described Wednesday's wheat futures trade. Contracts closed lower and Georgantones points to the Kansas Wheat Tour as a reason. Georgantones: "Some of the areas that they are going through on the tour the wheat is not looking quite as bad there. So, that is part of the reason for the sloppiness in the wheat market. With the freeze, you know, some of the wheat is starting to come back and they are expecting a higher crop out of Kansas right now, which is pretty amazing." Better weather for wheat in Europe was also noted by commentators. This morning it's USDA's weekly export sales report. On Wednesday Chicago July wheat was down 7 ½ cents at 4-93 ½. July corn up 4 ½ at 3-82. Portland cash soft white wheat narrowly mixed at mostly $6. Club wheat $6. August new crop soft white was mixed at 5-30. HRW 11.5 percent protein down two cents at 5-75. Dark northern spring 14% protein down seven at 6-13. Barley at the coast lower at 168 dollars a ton. August at 152. Cattle futures were narrowly mixed Wednesday. Boxed beef values declined which outweighed an outlook for better cash fed cattle prices this week. June live cattle down two cents at 93-85. August feeders up a nickel at 112-65. June Class III milk up 22 cents at 19-07. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.