06/29/05 Harvest and beans still pressure wheat

Marketline June 29, 2005 Wheat futures closed lower again Tuesday. There was technical follow through selling from Monday's weak close, spillover from lower soybeans and the continued pressure of harvest in the Plains and Midwest. Gary Hofer of Gary Hofer Commodities, doesn't see much changing in the near term. Hofer: "Winter wheat harvest is half done in the U.S. Unless there is a resumption of the corn-soybean weather rally it appears unlikely that wheat prices will rebound to much higher levels until after harvest. On Thursday USDA will be releasing quarterly wheat inventory and acreage numbers. The combination of that report and pending first notice day against the expiring July futures contract will keep the trade in a cautious mode for probably the remainder of this week." On Tuesday Chicago September wheat was down 2 1/4 cents at 3-38 1/4. September corn down 3 ½ at 2-27 3/4. Portland cash white wheat one to four cents higher at mostly 3-83. August new crop 3-76. Club wheat 3-89. PNW HRW 11.5 percent protein lower at 3-98. Dark northern spring 14% protein lower at 5-14. Export barley 100 dollars a ton. Cattle futures were mixed Tuesday on a late selloff after a morning rally failed to attract follow through support. The cash trade remained quiet with expectations for 83-dollar cattle in the southern Plains. Aug live cattle down 48 cents at 80-10. Aug feeders down three at 109-60. Aug Class III milk down a dime at 14-95. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.