07/20/05 Soybeans lead the way, straight down

Wheat futures were sharply lower Tuesday caught in the downdraft of a steep break in corn and soybeans. After climbing to the top of the recent trading range Monday, the ride took an abrupt dive on Tuesday. Chicago September wheat was down 13 ¾. Corn futures ended strongly lower on Tuesday. September corn down 11 ½. Spillover weakness from soybeans and conflicting weather forecasts for next week led to the weakness says Minneapolis analyst Joe Vick. VICK "The National Weather Service is looking for above average precip for a great deal of the Midwest. Along those lines with the weakness at the Board of Trade as well as the Kansas City Board of Trade all markets just decided just start to fade away because of a lack of buy paper on the open Portland cash white 3.68 August new crop 3.65 Club White 3.74 Pacific Northwest HRW 11.5 percent protein 3.95 Dark Northern Spring 14 percent protein 4.54 Live cattle futures were solidly higher Tuesday. The market tone is improving as traders begin to recognize that much of the negative news about Canadian cattle imports has already been discounted. The August contract was 77 points higher at $79.27. October live cattle gained 100 points to close at $81.77 August feeders up 1.25 at 107.45 August Class III milk at Chicago was down .69 to 13.88.