06/26/07 Mixed closes for wheat and cattle futures

Market Line June 26 , 2007 Wheat futures were mixed Monday in what was described as a two-sided choppy trade. Weakness in corn was enough to offset some concerns about more rain in the southern Plains and the winter wheat harvest there. After the market close USDA did report the U.S. winter wheat harvest was running well behind the five year average pace for now. There was positive export news. The weekly inspection report for wheat came in at 16 million bushels compared to trade expectations of 13-15 million. And Egypt purchased 120-thousand tons of U.S. soft red winter wheat over the weekend. Today there is a planting report from Stats Canada and coming up this Friday USDA updates its spring planting acreage numbers. On Monday Chicago Sept wheat was down a half cent at 6-04 ½. Sept corn down 9 ¾ at 3-67. Portland cash soft white wheat was steady to two cents higher at mostly 6-12. Club wheat 6-20. August new crop soft white unchanged to down four cents at 6-10. HRW 11.5 percent protein down a penny at 6-20. Dark northern spring 14% protein mixed at 6-67. Barley at the coast 161 dollars a ton through October. Live cattle futures were lower Monday with feeder contracts higher. Bearishness from the USDA Cattle on Feed report impacted the market as did cash market weakness. Lower corn helped feeders. August live cattle down 40 cents at 89-25. August feeders up 15 cents at 108-55. August Class III milk up 36 cents at 21-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.