06/18/07 Watching Plains harvest weather

Market Line June 18, 2007 Wheat futures were mixed in a choppy trade Friday. There was some support from forecasts for more rain in the Plains this week which is putting a damper on harvest. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says USDA will update harvest progress after the market closes today. Hoops: "And we should see very little harvest progress being done in the winter wheat belt. Maybe up to three to four percent being done." Egypt cancelled a tender Friday saying prices are too high. The Canadian Wheat Board pegged Canadian wheat production this year at 21.2 million tons which is down from last year's 24.4 million. Also positive was news Morocco is lower wheat import tariffs. And dryness is expected to continue to stress crops in Ukraine and Russia. On Friday Chicago July wheat was unchanged at 6-06 ½. July corn up 9 ½ at 4-19. Portland cash soft white wheat mixed at mostly 6-05. Club wheat 6-10. August new crop soft white mixed at 6-05. HRW 11.5 percent protein four to nine cents lower at 6-39. Dark northern spring 14% protein at 6-53. Barley at the coast 161 dollars a ton. August also 161. Cattle futures were mixed Friday though feeders were mostly lower. The cash trade continues to show weakness with fed cattle selling a dollar lower last week and boxed beef down on Friday. August live cattle up 40 cents at 90-95. August feeders down 62 at 106-95. July Class III milk unchanged at 21-58. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.