08/21/07 Wheat futures mixed; cattle higher

Market Line August 21, 2007 Wheat futures at Minneapolis closed lower Monday on harvest pressure while Chicago and Kansas City contracts were mostly higher. Wheat was under some pressure early due activity in the stock market but wheat came back on some spillover support from corn. Weekly wheat export inspections came in at almost double trade expectations at nearly 46 million bushels. India may tender for some wheat this week but it's not expected any U.S. wheat will be purchased. Brian Hoops of Midwest Market Solutions says USDA issued crop progress and condition reports after the close Monday. Hoops: "73% of the spring wheat harvested. That was about in line with expectations. Soybeans rating down two to 54 good to excellent. And corn ratings up two, 58 good to excellent and that is a little bit of a surprise in the corn so we could be under a little pressure from that news." On Monday Chicago Sept wheat was up three cents at 6-75. Sept corn up 3 ¼ at 3-31 ¾. Portland cash soft white wheat mixed at mostly 6-82. Club wheat 6-84. HRW 11.5 percent protein up three cents at $7. Dark northern spring wheat 14% protein two to five cents higher at 7-05. Barley at the coast 195 dollars a ton. Cattle futures were mostly higher Monday. Commentators credited a friendly Cattle on Feed report from the USDA Friday and bullish trader expectations of higher cash fed cattle this week. Oct live cattle up 17 cents at 95-65. Oct feeders up 62 at 117-85. Sept Class III milk unchanged at 19-36. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.