06/03/05 Wheat down on harvest and corn pressure

Marketline June 3, 2005 Wheat futures were lower Thursday with Chicago and Kansas City ending below their key 200-day moving averages. Rain in the forecast for dry areas of the corn belt pressured the row crops which spilled over to wheat while dry forecasts for the southern Plains had traders expecting good weekend wheat harvest weather. Gary Hofer of Gary Hofer Commodities, says the short term trendline for wheat looks vulnerable. Hofer: "The next few days of trade will show if that line is to be honored or not. If not, then a likelihood of a test of the mid-May lows around $3.05 a bushel, that's 18-20 cents below Thursday's close, is pretty strong. For white wheat is the good crop growing. Portland's apparent indifference to Chicago's trend may end if the red wheat price begins to sag under the pressure of harvest supplies." On Thursday Chicago July wheat was down eight cents at 3-23 ½. July corn down 7 ½ at 2-17. Portland cash white wheat generally a penny lower at mostly 3-92. New crop August lower at 3-78. Club wheat 3-98. PNW HRW 11.5 percent protein lower at 4-08. Dark northern spring 14% protein lower at 5-04. Export barley 102 dollars a ton. Live cattle futures were lower again Thursday on news some cash cattle traded two dollars lower than last week at 85 dollars. The market has been lower this week as wholesale beef prices remain under pressure. Aug live cattle down 40 cents at 83-15. Aug feeders down 70 at 111-10. July Class III milk down a nickel at 14-19. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.