06/15/05 Beans help wheat; bounce for cattle

Marketline June 15, 2005 Wheat futures were mostly higher Tuesday. Moisture concerns for some soybean areas popped up the beans and that spilled over to wheat which had been down early on harvest pressure and good winter and spring wheat crop ratings. Gary Hofer of Gary Hofer Commodities, says the big picture is still negative for wheat but a significant low made yesterday followed by a better close sets up possible follow through buying for today. Hofer: "Two and a half week old trend line is still downward. The larger fundamental picture remains heavily weighted by abundant wheat supplies in the world. For the active trader of commodities, other more actively moving contracts are more attractive for his capital. For the wheat producer this kind of market is neither fish nor fowl, making no mandate for action. Eventually we will see something that moves the price of wheat. For today, the market is not telling what is to come next." On Tuesday Chicago July wheat was up 2 1/4 cents at 3-16. July corn up four at 2-19. Portland cash white wheat steady to a penny lower at mostly 3-86. New crop August 3-74. Club wheat 3-92. PNW HRW 11.5 percent protein higher at 3-96. Dark northern spring 14% protein higher at 5-12. Export barley 102 dollars a ton. Cattle futures had a modest bounce Tuesday on thoughts Monday's BSE related drop was overdone and on support from firm cutout values. Traders are beginning to focus ahead to Friday's Cattle on Feed Report. Aug live cattle up 33 cents at 80-68. Aug feeders up 78 at 109-25. July Class III milk up six cents at 14-06. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.