07/05/07 Traders back from holiday break

Market Line July 5, 2007 Trading volume was light Tuesday heading into the 4th of July holiday and wheat futures closed mixed. Tight world wheat supplies continue to underpin the market but Tuesday saw spillover pressure on wheat from corn and beans. Traders also see the rains ending and harvest picking up in the Plains. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says the trade is however focused on weather. Chiodo: "It is dry west of the river, in the western corn belt and we could use some rain there. There is some stuff forecast for the northern part of that country. If it comes through we will probably continue the pressure here on Thursday. Otherwise I expect we could see a little bit of a rebound. We have kind of jumped corn pretty well this past two weeks here and wheat is down fairly well and could be at levels we begin to find some support ultimately, or finally here." 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.