08/10/07 Wheat, corn, cattle loses

Wheat futures closed lower Thursday after setting fresh 11 year highs intraday, profit taking and sluggishness in the outside markets helped usher wheat lower. Analyst Mark Chadda says it got a little ugly toward the end of the trading day Thursday. CHADDA "But over all its still a strong week and things look pretty good from that standpoint but I guess it depends on whether your glass is half full or half empty. Right now I think we have more worries with the credit thing going on that anything else. Export numbers, pretty good all across the board here. 890 thousand metric tons; estimates were 600 thousand to a million so we're on the upper range there." On Thursday Chicago September wheat was down 5 ½ at 6.73 ½. September corn also lower on expectations of today's USDA report, down 8 ¾ to 3.32 ¼. Portland cash white 6.75 up .03 Club White.6.85, up a nickel Pacific Northwest HRW 11.5 percent protein 7.14 Dark Northern Spring 14 percent protein 7.26 Export barley unchanged at 175/ton. Live cattle closed lower on the day. The market turned south Thursday as lower cash prices beat up the market. October live cattle down 72 to 94.85. October feeders gained 45 to 115.70 September Class III milk at Chicago down 18 to 19.50.