06/22/05 Wheat futures follow the harvest

Wheat futures turned lower in late trading Tuesday as hedging pressure came into the market on the close to erase earlier gains. Gary Hofer at Gary Hofer Commodities said wheat wanted to follow beans and corn but the good harvest in the Midwest played on the markets. HOFER "The first day of the week was a very strong move up for wheat prices in sympathy with the beans. But Tuesday showed Chicago wheat down four cents after runs of plus six early and the highest prices trades since the last day of March in midsession. The pattern suggest more downside in Wednesday's session unless there's more power transfer between the row crops and wheat again." On Tuesday Chicago July wheat was down 4 cents to 3.35. July corn down 3 ¼ to 2.32 ¼. Portland cash white up to 3.89. August new crop 3.77. Club White up to 3.95. Pacific Northwest HRW 11.5 percent protein dropped to 4.13 Dark Northern Spring 14 percent protein unchanged at 5.26. Live cattle futures drifted lower in quiet trade on Tuesday. Expectations for further seasonal pressure in the cash market weighed on the futures, but there was not much conviction on either side of the market. The August contract closed 52 points lower at $79.72. August feeders lost .10 to 108.55. July Class III milk at Chicago closed at 14.17, up .21.