06/28/07 Awaiting the crop planting report

Wheat futures closed mixed Wednesday. After flying higher at midday wheat succumbed to profit taking sell pressure. Rains in Oklahoma, Texas, and Kansas may further delay wheat harvests. On Wednesday Chicago September wheat was down 4 ½ to 6.21 ½. Corn futures traded yesterday at an 8 month low. September corn down 13 ¼ to 3.53 3/4. Steve Wiyatt with USDA's Statistics Service says there's huge interest in today's report on actual acreage for crops planted. The market bears think corn acreage will be higher than the spring planting intentions report. WIYATT "Planting intentions report in back in March there was a lot on interest on what our corn acreage was going to be and where those corn acres would come from. The interest is still there." Portland cash white wheat mostly 6.23 Club White up 5 at 6.31 Pacific Northwest HRW 11.5 percent protein up a nickel at 6.45 Dark Northern Spring 14 percent protein added 3 to 6.89. Live cattle closed mostly higher on the day. Nearby contracts fell on heavy delivery notices and weakness in the cash markets. August live cattle up 62 to 89.25 August feeders gained 92 to 108.57 August Class III milk lost .64 to 20.94.