11/14/05 Live cattle futures sharply lower

Wheat prices were higher on Friday and steady to higher for the week. Higher corn and soybeans provided some spillover support Friday, but gains were disappointing this week given the declining winter wheat crop conditions and strong weekly export sales. On Friday Chicago December wheat was 3.11 ½, up 1 ¾. Here's analyst Christopher Modoff at the Chicago Board of Trade. MODOFF "Corn continues to be an issue here as we continue to grind it lower. We made a new contact low on December contracts at 1.93 ¼ even though we've worked out way back up on a little short covering here." December corn gained 1 ¾ to close at 1.95 ½. Portland cash soft white most 3.47. Club White mostly 3.92. Pacific Northwest HRW 11.5 percent protein mixed, mostly 4.63. Dark Northern Spring 14 percent protein mixed, mostly 5.26. Export barley 100/ton Live cattle futures were sharply lower on Friday. The market reversed from contract highs Thursday morning to a sharp sell off at the close Friday. December live cattle fell 1.55 to close at $90.42. February closed 90 points lower at $93.45. January feeders down .77 to 112.97 December Class III milk at Chicago up .02 to 13.02. I