08/23/06 wheat, cattle futures lower

Wheat futures closed moderately lower Tuesday as losses accelerated due to recent rain in the Plains and improved winter wheat prospects. Also, the trade is disappointed that Brazil has not purchased any U.S. wheat, as was speculated last week. On Tuesday Chicago September wheat was 359 ¾ down six cents, Kansas City lost 7 ¼ and Minneapolis was off eight cents. September corn 2.19 ½ down 1 ½. Portland cash white 3.95, down a penny. Club White also off one at 4.25. Pacific Northwest HRW 11.5 percent protein mostly 5.14, off 7 cents. Dark Northern Spring 14 percent protein down .06 to most 5.26. Agriculture Secretary Mike Johanns said the USDA will donate 25,000 metric tons of hard red winter wheat to Lebanon. Cattle futures were lower on Tuesday with selling linked to ideas that wholesale beef prices will decline through early September with Labor Day beef business now mostly completed. The large increase in the feedlot inventory reported last Friday remains an underlying bearish factor. October live cattle 91.43 a loss of .22 October feeders 117.28 down .68. September Class III milk at Chicago 12.08, down .05. I