06/25/07 Wheat futures lower; cattle on feed numbers

Market Line June 25 , 2007 Wheat futures closed lower Friday. Analysts called wheat an overbought market and there was profit taking. Friendly harvest weather forecasts for the Plains was also negative. The outlook for lower quality wheat from the southern Plains has boosted demand for high protein, high quality hard red spring wheat for blending. Joe Victor of Allendale Incorporated says that offered some support to Minneapolis Friday. Victor: "And of course Minneapolis performing the best because of a new crop that is still very much in an immature stage in order to see what kind of production is going to pan out in the July-August time frame when harvest starts." This afternoon traders get updated crop progress reports from USDA. On Friday Chicago Sept wheat was down 17 cents at 6-05. Sept corn down 18 at 3-76 3/4. Portland cash soft white wheat mixed at mostly 6-10. Club wheat 6-18. August new crop soft white mixed at 6-14. HRW 11.5 percent protein 12-16 cents lower at 6-21. Dark northern spring 14% protein five to ten cents lower at 6-68. Barley at the coast 161 dollars a ton through October. USDA's Cattle on Feed report Friday pegged the feedlot inventory up one percent from a year ago, placements last month up 13 percent and marketings were down three percent. Ahead of the report Friday live cattle futures were lower on lower cash fed cattle and falling beef values. Short covering and lower corn helped feeders close higher. August live cattle down 27 cents at 89-65. August feeders up 30 at 108-40. August Class III milk up 64 cents at 21-04. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.