02/09/07 Grains rally, pressure cattle

Wheat futures traded higher on Thursday. Wheat boosted itself up after dropping to four week lows Wednesday. Support came from large export sales numbers; net sales of 732,600 metric tons last week, which was 31% above the previous week and 56% above the prior month average. March contracts in Chicago gained 5 to close at 4.57, Kansas City up 7 1/4, Minneapolis up 7 3/4. Corn futures ended the day higher. March contracts gained 7 1/2 to close at 3.99 3/4. Portland cash white up .04 to 5.24 Club White 5.22, up .04 Pacific Northwest HRW 11.5 percent protein up .07 to 5.72. Dark Northern Spring 14 percent protein mostly 5.90, a gain of a dime. Live cattle consolidated yesterday despite the opposite signals in the cash markets. Boxed beef cutout values had choice 27 cents higher, and select 43 cents higher. The rally in the grains market Thursday put some pressure on livestock, so too did the recent report of a new case of mad cow disease in Canada. April live cattle 94.87 down .85. March feeders lost .47 to 98.87. March Class III milk at Chicago 14.65, up .05.