08/20/07 Wheat futures mixed; cattle on feed and milk production

Market Line August 20, 2007 Chicago wheat futures avoided a weekly key reversal Friday though contracts there and elsewhere closed mixed. Weather concerns in both Argentina and Australia may have provided some underlying support. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota expects export business to continue to come to the U.S., which should keep wheat strong. Georgantones; "Again there is so much business out there they are going to be pretty hard pressed to break this market for very long. We are on pretty good solid footing and it was a solid week." On Friday Chicago Sept wheat was down a penny at 6-72. Sept corn up seven at 3-28 ½. Portland cash soft white wheat steady to two cents lower at mostly 6-80. Club wheat 6-82. HRW 11.5 percent protein unchanged to six cents higher at mostly 7-01. Dark northern spring wheat 14% protein down three cents at 7-08. Barley at the coast 190 dollars a ton. Cattle futures traders will be evaluating Friday's Cattle on Feed report from the USDA. The feedlot inventory August 1st was pegged down five percent from a year ago. July placements were down 17 percent and marketings were up three percent. Ahead of the report cattle futures were higher. Oct live cattle up 177 at 95-47. Oct feeders up 170 at 117-22. Sept Class III milk was up 11 cent at 19-36. USDA reported Friday that milk production in July in the major producing states was up 3.9 percent from July of 2006. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.