07/03/07 Technicals top fundamentals in wheat

Market Line July 3, 2007 Wheat futures posted some sharp losses Monday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says after a key reversal Friday the wheat charts are a mess. Hoops: "We are trying to retrace out some corrections and still need some time to do that and heal up the charts. While the fundamental news is very strong the technical charts are just a mess right now and you can't get anybody to step in and buy it." The good fundamental news included a weekly export inspection report higher than trade expectations, news of an Egyptian purchase of 175-thousand metric tons of U.S. soft red winter wheat over the weekend, and a Guatemalan purchase, which included some white wheat. After the close USDA reported the U.S. winter wheat harvest at 40 percent complete versus the five year average of 54 percent. Futures exchanges are closed on the 4th. On Monday Chicago Sept wheat was down 13 ¾ cents at 5-83 ¼. Sept corn down a ¼ at 3-39 ¾. Portland cash soft white wheat was 10-16 cents lower at mostly 6-05. Club wheat 6-13. August new crop soft white down 15-17 cents at $6. HRW 11.5 percent protein down a dime at 6-30. Dark northern spring 14% protein sixteen to nineteen cents lower at 6-80. Barley at the coast 162 dollars a ton through October. Cattle futures were lower Monday in what was called a directionless pre-holiday trade. August live cattle down 60 cents at 89-67. August feeders down 60 at 110-95. August Class III milk up 35 cents at 19-23. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.