08/09/07 Wheat futures jump to new highs again

Wheat futures closed higher on Wednesday, setting new 11 year highs again on global supply concerns and more export business. The USDA Foreign Ag attaché report cut Canadian wheat output projection. On Wednesday Chicago September wheat was up 16 ½ to 6.79. Both Kansas City and Minneapolis September added 14 cents. Analyst Mark Chadda says the export rumors continue to fly around. CHADDA "Iraqi flour business which will manifest itself in the wheat business with somebody here and Egypt and maybe one other looking around so a very firm cash market in wheat in the fact that you have customers that we normally don't see in the world wheat market coming at us speak volumes about how firm the market is on a worldwide basis." September corn up 5 ¾ to 3.41. Portland cash white 6.64. Club White 6.74 up 5 Pacific Northwest HRW 11.5 percent protein up 14 to 6.94 Dark Northern Spring 14 percent protein up 15 to 7.26. Export barley 176 per ton. Live cattle closed lower on the day. Futures followed the cash markets lower. Cash cattle traded at $91 per cwt Tuesday in the Midwest which was a $1/1.50 discount to last week October live cattle down 30 to 95.57 October feeders lost 05 to 115.25. September Class III milk at Chicago 19.68 down .16.