10/31/06 Wheat, other markets go down

Wheat was down Monday. USDA reported 11.7 million bushels loaded, down 20% from a week ago. Shipments to date are only at 80% of the levels realized a year ago. This bearish tone did not sit well with traders light that this year's wheat supply has been drastically reduced by the Australian drought. December contracts in Chicago was down 7 1/2 at 5.01. Kansas City was down 6 1/4 and Minneapolis was down 2 1/2. Bill Mendenhall at AgriSource sees more corrections ahead. MENDENHALL "We've gone up almost a dollar over the last two months. Now we've priced ourselves out of the market. And so we have to drop this down a little bit, probably 30, 40 maybe 50 cents. On Monday December corn down .03 at 3.29 1/2 Portland cash white steady, most 5.07. Club White mostly 5.22, unchanged. Pacific Northwest HRW 11.5 percent protein down .06 to 5.68. Dark Northern Spring 14 percent protein 5.83, down .02. Live cattle ended lower Monday. The concerns over cash prices and large supply of cattle on feedlots contributed to Monday's sell off. December live cattle up .22 to 90.50 January feeders down 40 at 100.95 December Class III milk at Chicago up a dime at 12.92.