Local business briefs

Updated: January 29, 2008 - 11:04 PM

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Grain Exchange posts first $13 wheat sale

March spring wheat at the Minneapolis Grain Exchange became the first wheat contract to crack $13 per bushel at any U.S. futures exchange. The contract settled at its daily, exchange-imposed trading limit of 30 cents higher, to $13.27, after closing limit up in the previous three day sessions. Solid demand for U.S. spring wheat should continue to support Minneapolis wheat futures in the near term, even though prices are already at record levels, analysts said. Minneapolis wheat has the potential to climb as high as $15, and "perhaps it could go higher than that," said Brian Henry, broker at Archer Financial Services.

WALL STREET JOURNAL

Buffets seeks OK to sell four restaurants

Buffets Inc. is asking a bankruptcy court for permission to sell four of its restaurants for a total of nearly $5 million to several purchasers. The Eagan-based chain, which operates more than 640 restaurants in 42 states, said it planned on selling underperforming restaurants before its filing for Chapter 11 bankruptcy protection last week, and asked the U.S. Bankruptcy Court in Wilmington, Del., to sign off on the sales at a Feb. 13 hearing. Buffets operates restaurants under the Old Country Buffet, Ryan's and Tahoe Joe's brands. The restaurants are in Florence, Ky.; Wichita, Kan.; Sikeston, Mo., and Lynchburg, Va.

DOW JONES NEWS SERVICE