06/19/07 A pull back in wheat futures

Market Line June 19 , 2007 Wheat futures were mostly lower Monday. A warmer and drier trend in the forecast for the plains helped spark a long-liquidation sell-off in wheat futures. Up to now rains had been slowing down the winter wheat harvest. For example, USDA meteorologist Brad Rippey says Oklahoma only had 41 percent of its crop cut to start this week. Rippey: "Five year average is 66%. Last year's drought very quick ripening crop, 92 percent harvested by June 17, 2006. Very similar problem in Kansas and Texas. For Kansas only two percent harvested by June 17th." And the five year average for Kansas at this time is 19 percent. Weekly export inspections for wheat were slightly above trade expectations. Also supportive was Ukraine officials saying they see a wheat harvest of no more than 12 million metric tons. On Monday Chicago July wheat was down 5 ½ cents at 6-01. July corn down three at 4-16. Portland cash soft white wheat steady to three cents lower at mostly 6-05. Club wheat 6-10. August new crop soft white mixed at 6-06. HRW 11.5 percent protein 4-5 lower at 6-33. Dark northern spring 14% protein two to five cents lower at 6-51. Barley at the coast 161 dollars a ton. August at 161. Cattle futures were mixed Monday. Both fed cattle and beef prices continue to move lower and packer margins may be deeply in the red. There is speculation however prices may be near the bottom with no where to go but up. August live cattle up 30 cents at 91-25. August feeders down 22 at 106-72. July Class III milk up four cents at 21-62. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.