06/07/07 A technical correction in wheat futures

Market Line June 7, 2007 Wheat futures were lower Wednesday. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says it was a correction. Georgantones: "It was a much needed correction. The market needed to take a little breather. We have really been on a tear the last two weeks on the upside. I think Informa came out with higher estimate for winter wheat production and maybe the market looked at that a little bit. We were also weaker in soybeans and corn and that helped the wheat sell off a little more." Also bearish was a Chinese estimate that their wheat production will be higher than previously thought. About 40 percent of China's crop is reported being harvested. On Wednesday Chicago July wheat was down 7 ½ cents at 5-19 ¾. July corn down 5 ½ at 3-74 ¾. Portland cash soft white wheat steady a $6. Club wheat 6-05. August new crop soft white two to seven cents lower at 5-65. HRW 11.5 percent protein five to seven cents lower at 5-86. Dark northern spring 14% protein down 11 cents at 6-07. Barley at the coast 165 dollars a ton. August at 159. Lower cash cattle and beef prices pressured cattle futures lower Wednesday. Some cash dressed sales were reported down two to three dollars as hundredweight from last week. August live cattle down 130 at 89-72. August feeders down 110 at 109-77. July Class III milk down a dime at 20-79. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.