06/20/07 Wheat futures tumble

Market Line June 20, 2007 It was double digit losses for wheat futures Tuesday. Once again a warmer, drier forecast for the Plains sparked ideas that winter wheat harvest weather will be near ideal next week. Corn added pressure with a limit down move on good moisture moving through the eastern corn belt. Joe Victor of Allendale Incorporated says USDA's weekly crop ratings issued Monday afternoon also had a surprise. Victor: "A little bit of a surprise with the spring wheat crop conditions. Four percent higher than week ago values. Needless to say it is more of a healthy correction that this market was due for. Took a little of the weather premium out." The Australian government estimated the next wheat crop down under at 22.5 million metric tons. If realized that would be more than double last year's Australian production but the crop has a long way to go as Australia hopes to recover from this last season's drought. On Tuesday, Chicago July wheat was down 20 cents at 5-81. July corn down 20 at 3-96. Portland cash soft white wheat two to four cents lower at mostly $6. Club wheat 6-05. August new crop soft white four to seven cents lower at 6-02. HRW 11.5 percent protein 22-23 lower at 6-14. Dark northern spring 14% protein 12-13 cents lower at 6-40. Barley at the coast 161 dollars a ton. Live cattle futures were mixed Tuesday with feeder contracts higher. The limit down in corn futures was seen as the central factor supporting cattle. August live cattle up a nickel at 91-30. August feeders up 172 at 108-45. July Class III milk up 13 cents at 21-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.