09/13/07 Wheat and cattle up, corn down

Wheat futures closed lower on Wednesday. The wheat markets broke sharply to hit limit down bids at Chicago and Kansas City after setting all time commodity highs overnight. Private exporters reported to USDA wheat sales of 168,000 metric tons to unknown destination. USDA lowered both world wheat production and ending stocks numbers. Jonah Ford of Great Pacific Trading in Grants Pass, Oregon says the bulls rallied around US wheat ending stock numbers. FORD "Wheat ending stocks projected at 362 million bushels down 42 million bushels from last month reflecting lower import and increased use." On Wednesday Chicago December wheat down 30 cents to 8.60 ½. December corn 3.56 ½ up 15 ¼. Portland cash white 8.75 Club White 8.77 Bids for Hard Red Winter and Dark Northern Spring wheat for September delivery were not fully established in early trading, with most exporters not issuing bids for nearby delivery. Live cattle closed lower on the day. Goldman Roll type spreading continues to bring down nearby contracts. October live cattle down 97 to 94.72 October feeders off 1.62, down 116.70. October Class III milk at Chicago 20.21, down .06.