08/24/06 Wheat leads the way to gains

On Wednesday Chicago September wheat was up 6 ¼ to 3.66 while Kansas City added 7 1/4 and September Minneapolis spring wheat was up 1 ¼. Mark Chanos at the Minneapolis Grain Exchange sees some positive signs for wheat. CHANOS "You've got some drought or at least dry problems in South America and you've got continued dry problems in Australia and forecast for much the same at least in that area. That combined with a very low stock to use ratio on the world outlook here in wheat is lending some help to the plus side." September corn up .04 to 2.23 ½ and soybeans up as well. Portland cash white mostly 3.95 down .02. Club White mostly 4.25, down .02. Pacific Northwest HRW 11.5 percent protein up 7 to a dime, mostly 5.24. Dark Northern Spring 14 percent protein up .02, mostly 5.27. Declining boxed beef prices and larger than expected frozen beef in storage as of the end of July are weighing on the market. Expectations of steady to firm cash trade are helping to limit losses, but most traders are taking a wait and see approach. October live cattle up .03 to 91.45. October feeders 116.05 down .22. September Class III milk at Chicago up a dime at 12.18.