11/06/06 Wheat futures take a breather

Marketline November 6, 2006 Wheat futures were mixed Friday in what several commentators said was wheat taking a breather. There also wasn't much in the news stream for wheat. The market is awaiting updated USDA production and supply and demand numbers later this week. That will be Thursday morning. The trade will be watching the corn production number in particular and corn has had some influence of wheat futures. A correction. Earlier this week there was a report Pakistan may tender soon for 500-thousand tons of wheat but just the opposite is true. Pakistan may be exporting some wheat due to a good crop. Ryan Kelbrantz of ADMIS at the Minneapolis Grain Exchange relays his market expectations. Kelbrantz: "I would look for choppy, volatile conditions to continue. Underlying support will come from positive exports and tight world stocks and the outside markets will continue to influence prices." On Friday December Chicago wheat was up a penny at 4-92 ½. December corn down 2 ½ at 3-42 ½. Portland cash soft white wheat steady to a penny lower at mostly 4-98. Club wheat 5-13. HRW 11.5 percent protein down a penny at 5-68. Dark northern spring 14% protein unchanged to down a penny at 5-86. Lower fed cattle prices and boxed beef prices sent live cattle futures lower Friday. Feeders continued to get pressure from corn which was higher during the cattle trading session though it closed lower. Dec live cattle down 85 cents at 85-90. Jan feeders down 130 at 97-12. Dec Class III milk down six cents at 13-32. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.