06/23/05 Export sales numbers due today

Wheat futures were narrowly mixed on the close Wednesday after trading a few cents higher through most of the session. Hedge pressure and choppy corn and soybean markets weighed on prices. Export sales numbers will be out today and Ryan Calbranz at the Minneapolis Grain Exchange will be watching those figures. CALBRANZ "Estimates are going to range from 250 to 400 thousand metric tons. Last week's sales totaled 335 thousand metric tons. The outlook I would say export sales will help dictate calls and I'd watch weather patterns for market directions. The volatile corn, bean markets are also going to play a part in wheat futures. Long term I still expect futures to move lower on large production and growing stocks." On Wednesday Chicago July wheat was up .01 to 3.36. July corn down 2 ¾ to 2.29 ½. Portland cash white unchanged at 3.89 August new crop 3.77. Club White off one to 3.95. Pacific Northwest HRW 11.5 percent protein 4.13 Dark Northern Spring 14 percent protein 5.25. Live cattle futures were slightly higher Wednesday finding enough support from short covering to offset the influence of lower cash prices. August closed 27 points higher at an even $80.00. October ended five points higher at $82.32. August feeders gained .25 to 108.80. July Class III milk at Chicago closed at 14.24, up .07.