06/17/05 Wheat market in a standoff

Wheat futures were mixed on Thursday with the market closing well off the session highs. Anticipation of increased harvest activity and soybeans faltering late in trading weighed on the markets. Gary Hofer of Gary Hofer Commodities says the big trading funds will eventually have to exit their large short-sold positions but right now the wheat market is in a standoff. HOFER "The market is range bound, not an unusual occurrence at this time of year. Beans and corn may be strong influences in the coming weeks but on Thursday they were flat. White wheat bids were about unchanged as well. The market tone for wheat is not strong Overall trend lines are still to the downside." On Thursday Chicago July wheat was ½ cent higher at 3.23 ½. July corn gained 1 ½ to close at 2.25 ¾. Portland cash white 3.86 Club White dropped to 3.87 Pacific Northwest HRW 11.5 percent protein lower to 4.01 Dark Northern Spring 14 percent protein 5.14 Export barley 101/ton Live cattle futures were lower again Thursday pressured by weak cash prices and lower beef cutout values. The beef market has lost $5 in the last week. The August contract closed 77 points lower at $79.42. August feeders were down .90 to 107.85. July Class III milk at Chicago closed at 14.08, up .02. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.