07/10/07 Wheat futures lower; cattle mixed

Market Line July 10, 2007 Some spillover pressure from corn and disappointing export inspections pressured wheat futures Monday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says better Plains harvest weather was also a factor. Hoops: "A little more progress being done and better yields being uncovered in Kansas, especially western Kansas, Colorado, Nebraska areas. Winter wheat is 58% harvested versus 65 on average. Kansas is 81% harvested. Nebraska only 41. So harvest pressure could pick up this week and then subside." Weekly crop progress reports from Washington and Oregon suggest the high temperatures are hurting grain yields and maybe quality, particularly yields in spring wheat. Winter wheat harvest has begun in the region. On Monday Chicago Sept wheat was down 10 ½ cents at 5-99 ½. Sept corn down 2 ¼ at 3-39 ¼. Portland cash soft white wheat was steady to five cents higher at mostly 6-25. Club wheat 6-33. August new crop soft white unchanged to higher at 6-20. HRW 11.5 percent protein down 12 cents at 6-36. Dark northern spring 14% protein seven to nine cents lower at 6-89. Barley at the coast 163 dollars a ton through January. Cattle futures were mixed Monday but live contracts were firm. They got support from higher cash fed cattle last Friday selling at 90 a hundredweight. Boxed beef was also higher Monday. August live cattle up two cents at 92-52. August feeders down 22 at 114-47. August Class III milk up a penny at 19-46. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.