08/01/07 Wheat futures lower again

Market Line August 1 , 2007 Wheat futures were lower again Tuesday as the market correction continued. Tuesday's sell off was attributed to profit taking and a friendlier weather outlook in Europe where Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says prices were lower. Kelbrantz: "Wheat futures in London and Paris were lower on a technical correction after reaching historical highs. I look for harvest pressure to increase as we move into August. Declining conditions and tight balance tables should lend underlying support to prices but technically we appear to be seeing a correction after the recent spike. We do have some gaps below current levels and major moving averages do also remain below current levels and remain bearish." On Tuesday Chicago Sept wheat was down 7 ½ cents at 6-30. Sept corn up 2 ¼ at 3-25 ¾. Portland cash soft white wheat was four to five cents lower on lower futures and a slight increase in country selling of new crop wheat. Club wheat lower at 6-58. HRW 11.5 percent protein down three cents at 6-79. No Portland Dark northern spring wheat bids. Barley at the coast 177 dollars a ton. Cattle futures posted gains Tuesday with some live and feeder contracts setting new highs. Short covering, fund buying and end of July positioning were cited as factors. Boxed beef continued to show strength this week as well. Oct live cattle up 97 cents at 99-95. Oct feeders up 25 at 118-05. Sept Class III milk unchanged at 18-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.