06/09/05 Wheat futures slip lower

06/09/05 Wheat futures slip lower

Marketline June 9, 2005 Wheat futures didn't get any help from the row crops Wednesday as rain is in the forecast for dry areas of the cornbelt and wheat contracts closed lower. There are now also forecasts for a 1/4 to an inch of rain in dry areas of Australia. Harvest pressure also continues. Some traders say if corn and soybeans break it could get ugly for wheat. Gary Hofer of Gary Hofer Commodities, offers his assessment. Hofer: "At the moment the big trading funds seem satisfied with holding a net 25-thousand contracts on that short side. They were mostly absent from significant action Wednesday. The trend remains downward for wheat with a nominal target of the old lows in mid-May. That's about another dime below Wednesday's close." On Wednesday Chicago July wheat was down six cents at 3-13 1/4. July corn down 4 14 at 2-16. Portland cash white wheat one to three cents lower at mostly 3-90. New crop August lower at 3-76. Club wheat 3-96. PNW HRW 11.5 percent protein lower at 3-91. Dark northern spring 14% protein lower at 4-98. Export barley 102 dollars a ton. Live cattle futures drifted lower Wednesday. While analysts expect cash fed prices to be steady to firm this week the tone in the futures is defensive as traders expect seasonally lower beef prices into summer. Aug live cattle down 20 cents at 83-22. Aug feeders down 72 at 112-80. July Class III milk down 18 cents at 14-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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