07/22/05 Wheat follows corn and soybeans again

Wheat futures lower on spillover weakness from corn and soybeans. On Thursday Chicago September wheat was down 6 ¼ to 3.27, Kansas City and Minneapolis each lost 4 cents on September contracts. September corn continued the sell off, dropping .07 ½ at 2.34, and soybeans suffered 15 cent losses for August and November. All of this is not unexpected for Bill Mendenhall at Agrisource in Burley, Idaho. MENDENHALL "This is probably going to be one of those markets that we go through harvest probably most of August with the price being down then we start see some movement, some good positive movement in September, October and into Thanksgiving. I think that's how long we'll have to wait for some good price movements." Portland cash white 3.61 August new crop 3.61 Club White 3.65 Pacific Northwest HRW 11.5 percent protein 3.87 Dark Northern Spring 14 percent protein 4.43 Export barley 102/ton August live cattle 79.13, down .30, October fell .10 to 81.47. August feeders up .32 to 107.88. August Class III milk at Chicago up .02 to 13.90. June milk production was higher than expected. In its monthly livestock, dairy outlook report USDA forecast the Annual Class III Average milk price to be $11.60 to $12.60 a hundredweight in 2006.