07/04/07 A market holiday

Market Line July 4, 2007 Futures exchanges are closed for the 4th of July holiday. On Tuesday wheat futures were mixed. Wheat got pressure from lower corn and soybeans. Traders see the rains subsiding in the Plains where harvest has been running behind normal. Only 40 percent of the U.S. winter wheat had been cut to start this week. That compares to 62 percent last year at this time. And USDA meteorologist Brad Rippey says compared to a month ago crop conditions have deteriorated in some Plains states due to wetness. Rippey: "For example, Oklahoma, June 3rd, about a month ago, 17% of the wheat was rated very poor to poor. On July 1st that number has risen to 38% as the wheat just sits and declines in quality waiting for harvest." On Tuesday Chicago Sept wheat was down a ¼ cent at 5-83. Sept corn down 11 1/4 at 3-28 ½. Portland cash soft white wheat steady to a nickel higher at mostly 6-10. Club wheat 6-18. August new crop soft white mixed at 6-05. HRW 11.5 percent protein unchanged to four cents higher at 6-30. Dark northern spring 14% protein down three at 6-77. Barley at the coast 163 dollars a ton through January. Live cattle futures were higher Tuesday on short covering and spread trading. Sharply lower corn also helped feeder contracts. August live cattle up 30 cents at 89-97. August feeders up 60 at 111-55. August Class III milk up 33 cents at 19-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.