06/15/07 Wheat futures still on fire

Wheat futures closed higher on Thursday. The markets continued to be on fire as harvest delays in the Midwest and global supply concerns continue to drive the markets higher. Analyst Brian Hoops says export sales reported at 413,100 tons, versus 200 to 400,000 trade estimates. HOOPES "End users and commercial entities will be bolstering the market buying the July, maybe selling the new crop against it, as a way to get some inventory they badly need to meet the demand. We saw exports 15.2 million bushels for wheat that was above expectations. At its weekly tender Japan bought 65 thousand tons of wheat, 25 came from the United States." On Thursday Chicago July wheat was up 17 at 6.06 ½. July corn was sympathetic to wheat, closing up 5 at 4.09 ½. Portland cash white 6.05 Club White unchanged at 6.10. Pacific Northwest HRW 11.5 percent protein mixed at 6.41. Dark Northern Spring 14 percent protein August new crop 6.62. Live cattle closed higher on the day. A short covering rally in cattle is pushing futures values higher as boxed prices set four month lows Wednesday. August live cattle up a dollar at 90.55 August feeders added 97 to 107.57. July Class III milk 21.58 up .03.