06/21/07 Wheat futures boomerang back

Market Line June 21, 2007 Like a yo-yo wheat futures which were sharply lower Tuesday came back Wednesday to close sharply higher. Joe Victor of Allendale Incorporated says some surprise storms in the Plains which further impacted harvest were a factor. Victor: "Vicious storms! Kansas, Oklahoma. Hail. Big rains. Not very many forecasters picked up on it they were so focused on the eastern corn belt to see if it is ever going to rain again. It turns out that the big surprise storms, big rains and now concerns of a smaller U.S. wheat crop." Some hot weather in the soft red winter belt has traders concerned about the impact on yields there too. Ukraine placed a quota on its wheat exports for the next three months which was also viewed as friendly. On Wednesday Chicago July wheat was up 24 cents at 6-05. July corn down 1 ¾ at 3-94 ¼. Portland cash soft white wheat five to nine cents higher at 6-09. Club wheat 6-16. August new crop soft white 8-10 cents higher at 6-10. HRW 11.5 percent protein 18 to 19 cents higher at 6-30. Dark northern spring 14% protein 15-19 higher at 6-59. Barley at the coast 161 dollars a ton through October. Cattle futures were lower Wednesday. Three dollar a hundredweight lower dressed basis sales along with weak boxed beef prices put downward pressure on contracts. Traders await tomorrow's Cattle on Feed report from USDA. August live cattle down 80 cents at 90-50. August feeders down 35 at 108-10. July Class III milk down 21 cents at 21-60. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.