06/05/07 Profit taking cuts wheat's gains; more beef problems with Korea

Market Line June 5, 2007 Wheat futures closed lower Monday but had been up most of the day until profit taking set in late in the trading session. While weekly export inspections for wheat came in under expectations there was positive news that Egypt purchased 180-thousand metric tons of U.S. soft red winter wheat for July shipment. Dryness in Russia and the Ukraine continue to provide underlying support. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota remains optimistic about wheat. Georgantones: "I look for prices here to stay relatively firm here. We are still losing wheat crop in this winter wheat belt with torrential downpours and the quality issues and it is a real mess down there. The condition progress report showed that as well." On Monday Chicago July wheat was down ½ cent at 5-20 ¼. July corn down three at 2-83 ¾. Portland cash soft white wheat steady at mostly 5-95. Club wheat mostly $6. August new crop soft white mixed at 5-61. HRW 11.5 percent protein down three cents at 5-90. Dark northern spring 14% protein three to five lower at 6-17. Barley at the coast 165 dollars a ton. August at 160. South Korea intends to have another temporary ban on U.S. beef imports after bone in beef was found in U.S. shipments to the country. Cattle futures however were generally firm to higher Monday. August live cattle unchanged at 90-67. August feeders up 77 at 111-02. July Class III milk up 46 cents at 21-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.