06/01/05 Chicago wheat up, then down

Marketline June 1, 2005 Wheat futures were lower at Chicago and Kansas City Tuesday, mixed at Minneapolis. Rains in hard red winter wheat belt pressured prices and also interrupted harvest in the south. A stronger dollar was also negative. Gary Hofer of Gary Hofer Commodities, says Chicago wheat was higher early in the session Tuesday setting a two-month high, mainly with help from soybeans, but then wheat turned lower in what the technicians call a negative reversal. Hofer: "Wheat has no strong story to tell that suggests higher prices. Price strength right now depends on funds buying back their short positions and maybe some sympathetic help from beans and corn. Harvest is about at eight percent complete in Texas and Oklahoma. Early results have been good. There is wheat coming into the bin now so the market is not likely to become too excited." On Tuesday Chicago July wheat was down 3 1/4 cents at 3-31 3/4. July corn up 3/4 at 2-20. Portland cash white wheat steady to a penny higher at mostly 3-93. New crop August 3-82. Club wheat 3-96. PNW HRW 11.5 percent protein lower at 4-15. Dark northern spring 14% protein higher at 5-13. Barley delivered to inland feeding areas 99 dollars a ton. The Plains fed cattle trade was quiet Monday. Boxed beef was called weak. The opinion is holiday weekend beef clearance was about average. Cattle futures were higher with short covering a feature after prices broke through chart resistance. Aug live cattle up 62 cents at 84-70. Aug feeders up 122 at 112-67. July Class III milk down six cents at 14-02. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.