08/08/07 Cattle futures fall on sell-off

Wheat futures closed mixed Tuesday. Light sell-off after the wheat market again set 11 year high in trading Monday. News that Egypt bought 145,000 tons of wheat, none of which sourced from U.S., caused a bit of market uncertainty about the sustainability of robust export demand in the wake of high prices. On the bullish side, though, tight world supplies and current strong export demand continue to support prices. On Tuesday Chicago September wheat was off 1 ½ to 6.62 ½. September corn gained 9 ½ to 3.35 ¼. Portland cash white 6.60 down 3 Club White down 3 at 6.70 Pacific Northwest HRW 11.5 percent protein 6.98 Dark Northern Spring 14 percent protein 7.09. Export barley 176 per ton Live cattle closed lower on Tuesday. The sell-off began as traders were concerned about the delivery notices against the August contract. The rally in corn and the heavy sell-off in hogs added outside pressure. The market still waits to hear of the Japanese decision regarding age limits on US. beef imports. October live cattle 95.87 down 1.82 October feeders down 2.07 at 115.30. September Class III milk at Chicago up .39 at 19.84.