07/26/07 Profit taking in wheat futures

Market Line July 26, 2007 Wheat futures posted modest losses Wednesday. Analysts point to some profit taking after Tuesday's run up as well as wheat-corn spread unwinding. Joe Victor of Allendale Incorporated says that hard red spring wheat tour in North Dakota was also a factor. Victor: "Yields are coming in 36.2 bushels an acre versus 31.2 a year ago for that particular area. So the spring wheat futures definitely getting a little bit nervous." Some light showers could also temporarily break-up the heat in the northern plains and Canada. Traders also think the weather threat in Europe has peaked. This morning USDA issues the weekly export sales report. On Wednesday Chicago Sept wheat was down eight cents at 6-34. Sept corn unchanged at 3-11 ½. Portland cash soft white wheat narrowly mixed at mostly 6-50. Club wheat 6-58. HRW 11.5 percent protein three to five cents lower at 6-77. Dark northern spring 14% protein down six cents at 6-97. Barley at the coast 175 dollars a ton. Cattle futures were lower Wednesday. A mixture of lower cash beef and cash cattle calls along with a South Korean delay on deciding on their bone in beef import ban were all cited. August live cattle up a penny at down 55 cents at 92-07. August feeders down 65 at 115-85. August Class III milk up 50 cents at 19-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.