08/25/06 Wheat gains on global supply concerns

Wheat futures were higher on the close Thursday. The market was supported by technical buying and ideas that export demand for U.S. wheat will begin to increase. Analyst Mark Chano says wheat futures in Europe reached new contract highs in France and reinforced concerns about tightening global wheat supplies. CHANO "Also estimates coming out of Australia putting the crop at around 18 million metric tons which is down from previous estimates. In conjunction with that the international grains council cuts world production to 593 million metric tons that's down about three million metric tons from previous estimates." On Thursday Chicago September wheat led the way with a 9 ½ cent gain to 3.75 1/2., Kansas City added 8 ¼ and Minneapolis tacked on 6 ¼. September corn 2.27 ½ a gain of .04. Portland cash white 3.97 Club White mostly 4.27. Pacific Northwest HRW 11.5 percent protein mostly 5.31 Dark Northern Spring 14 percent protein 5.34. Cattle futures closed higher on Thursday. Ideas that cash cattle will be firm to higher this week provided fundamental support. October live cattle 92.33 up .88. October feeders 117.18 up .25. September Class III milk at Chicago 12.34 up .16.