07/21/05 Soybeans rebound, wheat down again

Wheat futures ended lower on Wednesday. Spillover pressure from corn weighed on the market. Spring wheat harvest will be gearing up soon and conditions remain mostly favorable. Chicago September wheat ended 5 1/4 cents lower at $3.33 1/4, Kansas City 3 cents lower at $3.38 3/4 Minneapolis was 5 1/2 lower. September corn drops another .07 to 2.41 ½. Soybeans rebounded, closing slightly higher on Wednesday. Joe Victor of Allendale Incorporated sees some good fundamental news for wheat. VICTOR "Egypt did come in pick up 115 thousand tons of US wheat and did buy a smattering of other types of wheat from Australia, Russia, as well as France. Good news for the US was though that the largest portion, the greatest percentage of all the wheat that was bought by Egypt did in fact come from the US." For grain delivered to Portland cash white 3.62 August new crop 3.60 Club White 3.68 Pacific Northwest HRW 11.5 percent protein 3.91 Dark Northern Spring 14 percent protein 4.47 Export barley 102/ton Cattle futures closed mostly lower on Wednesday. Traders are apparently waiting for the cash market to develop. August live cattle up .15 to 79.43. August feeders107.55, up .10. August Class III milk at Chicago unchanged at 13.88.