06/13/07 Wheat rally continues

Wheat futures closed higher on the day. On Tuesday Chicago July wheat was up 9 at 5.65. Kansas City tacked on 10 ½ while Minneapolis added six. The bull party continued in wheat following Monday's friendly USDA WASDE report. USDA further pleased the bulls by dropping winter/spring wheat ratings to 52% and 81in the good/excellent condition. Declining conditions, potential yield loss and concern towards global stock shortage continue to fuel the rally. Egypt bought 60,000 U.S. soft red. Agriculture Department also reported ag exports for the first seven months of the fiscal year are up 14 percent let mostly by high value products. July corn 2 and a half lower at 3.93 ½, a lack of news there to spur buying. Portland cash white down a nickel 6.05. Club White 6.10, down .05. Pacific Northwest HRW 11.5 percent protein up a dime at 6.30. Dark Northern Spring 14 percent protein 6.41, up 6. June live cattle traded lower, all deferred contracts higher. June moved lower following the cash markets. The boxed beef report down 99 cents and select down 27 cents. The market is expecting cash cattle to give up another $1 this week once trade kicks off. August live cattle 90.30 up 30. August feeders up 57 to 108. 12. July Class III milk at Chicago 21.19, up 12.