06/24/05 Markets keep biding their time

Forecasts that held out an improved chance of rain for the drought-stricken Midwest next week dropped most cash contracts of grain futures again Thursday, by up to four cents for corn and wheat, and 11 1/4 cents for July soybeans. The U.S. Department of Agriculture cited a drop in weekly export sales for most U.S. grains. Gary Hofer of Gary Hofer Commodities says export sales of wheat increased by 55%. HOFER "The setup is for a pre-harvest weekend so hedging sales may weight on this market today. The channel looks like its going to take us down a ways." On Thursday Chicago July wheat was off .04 ¼ to 331.3/4. July corn down .03 to 2.26 ½. Portland cash white 3.88 August new crop dropped to 3.72. Club White 3.94 Pacific Northwest HRW 11.5 percent protein down at 4.07. Dark Northern Spring 14 percent protein 5.23. Live cattle futures were narrowly mixed Thursday as traders awaited results of a pending BSE test. Cutout values seem to be finding support after declining sharply during the last couple of weeks. August closed 2 points lower at $79.97. October ended 15 points higher at $82.47. August feeders up .10 to 108.90. July Class III milk at Chicago closed at 14.19, down .05.