08/07/07 Wheat higher on export demand

Wheat futures closed higher on Monday. Wheat set new eleven year highs as the market bulls are still excited about export demand and global supply problems. On Monday Chicago September wheat was up 14 at 6.64 while Kansas City added 7 ¾ and Minneapolis September was up 9 ½. Weekly export inspections of 25.127 million bushels were above the 16-20 million the market expected. Portland cash white 6.60 up 8 Club White mostly 6.70 up 8. Pacific Northwest HRW 11.5 percent protein 6.90, up 8 No bids on Dark Northern Spring 14 percent protein Barley at the coast 176 a ton September corn down ¾ to 3.25 ¾. Live cattle closed lower on the day. Trading was choppy Monday as the market looked for guidance. Supportive to cattle are forecasts for higher cash cattle prices this week, rising cash beef prices, and the news that Japanese are moving closer to a decision about lifting the age limit of US beef imports. October live cattle down 27 to 97.70. October feeders up .17 to 117.37. September Class III milk at Chicago 19.45 up .05.