05/24/07 Wheat futures bounce; brucellosis in Montana

Market Line May 24, 2007 Ideas that Tuesday's sell off in wheat futures was overdone helped contracts bounce higher Wednesday. Rain in the southern Plains could also disrupt the winter wheat harvest there. Also positive was word from Pakistan that it is suspending wheat exports because of a sharp increase in internal prices. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says weather is still a problem in Australia. Kilbrantz: "Australia wheat belt is gonna be mostly dry with light showers seen Friday into Sunday with only 15% coverage. So moisture shortages are being reported in the western areas Queensland and parts of New South Wales so that is adding support to prices." There is also continued dryness in eastern Europe and the Ukraine. On Wednesday Chicago July wheat was up 5 ½ cents at 4-76 ½. July corn down a penny at 3-68 ½. Portland cash soft white wheat steady at 5-62. Club wheat 5-62. August new crop soft white three to five cents higher at 5-13. HRW 11.5 percent protein mixed at 5-55. Dark northern spring 14% protein up eight cents at 5-93. Barley at the coast 164 dollars a ton. August at 155. Cattle futures were mixed Wednesday. Lower cash beef and lower cattle prices were negative. June live cattle down 65 cents at 91-85. August feeders down 97 at 112-72. June Class III milk up 28 cents at 19-36. State and federal officials have confirmed one cattle herd in Montana with brucellosis and are testing another one north of Yellowstone Park. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.