07/02/07 Wheat futures mixed after friendly USDA report

Market Line July 2, 2007 Wheat futures set new contract highs Friday but after profit taking set in only Minneapolis contracts closed higher. It was USDA's spring wheat acreage estimate of 13.1 million acres that was viewed as bullish and helped Minneapolis hard red spring wheat. USDA put total U.S. wheat acreage at 60.5 million acres. Quarterly wheat stocks, which are also last marketing year ending stocks, were at 419 million bushels. Some commentators says the daily and weekly key reversal at Chicago could attract more technical selling. On Friday Chicago Sept wheat was down 26 ¾ cents. Sept corn down a dime at 3-40. Portland cash soft white wheat was down two to six cents at 6-18. Club wheat 6-18. August soft white down a nickel at 6-17. HRW 11.5 percent protein down 12 cents at 6-40. Dark northern spring 14% protein higher at 6-99. Barley at the coast 162 dollars a ton through October. USDA chief economist Keith Collins says the whopping corn acreage of 92.9 million acres is good news for livestock producers. Collins: "But in addition to that the report showed sizeable increases in barley acreage, in sorghum acreage, and in hay acreage. All of these provide the energy and roughage for our livestock. So, we are going to have larger feed supplies across the board available for our livestock sector. Larger than we thought." Cattle futures were mostly higher Friday. August live cattle up 12 cents at 90-27. August feeders up 177 at 111-55. August Class III milk down 75 cents at 18-88. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.