06/29/07 Acreage report today; average PNW wheat crop seen

Market Line June 29 , 2007 USDA reports on planted acreage this morning as well as quarterly grain stocks could give the market direction today. Ahead of the reports Thursday wheat futures were higher. Fundamental news included weekly export sales higher than expectations at over 622-thousand metric tons, more rain interrupting harvest in the southern plains and rain in Europe that sent prices higher there. The Pacific Northwest Pre-Harvest Wheat Tour was held this week and though there was no immediate yield estimate, Kevin Blocker of the Washington Wheat Commission staff, says the overwhelming consensus was that the region is looking at an average crop. Blocker: "A timely rain or two before harvest, the feeling is it could be a slightly above average crop. But should the continued weather patterns persist the feeling is it is going to be an average crop year." On Thursday Chicago Sept wheat was up 2 ¼ cents at 6-23 ¾. Sept corn down 3 ¾ at 3-50. Portland bids for July, cash soft white wheat steady to three cents higher at mostly 6-25. Club wheat 6-33. August new crop soft white unchanged to higher at 6-22. HRW 11.5 percent protein at 6-52. Dark northern spring 14% protein at 6-95. Barley at the coast 162 through October. Cattle futures had a strong day Thursday with short covering the main market feature. August live cattle up 90 cents at 90-15. August feeders up 120 at 109-77. August Class III milk down 75 cents at 19-63. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.