11/10/06 Corn leads wheat lower

Wheat futures were lower on Thursday. Like the other grains, wheat bulls were being supported by the recent corn rally. USDA's reports yesterday did not change their wheat balance sheets from last month  ending stocks are projected at 418 million bushels, down 27% from last year. World wheat production is raised 2 million tons from last month to 587 according to USDA calculations. There was nothing bullish in export sales this week. December contracts in Chicago were down 14 at 4.90, Kansas City down 16 3/4. Minneapolis contracts lost 13 1/2 . December corn down 7 3/4 at 3.50. Portland cash white 4.97 down 03. Club White.5.12, down .01. Pacific Northwest HRW 11.5 percent protein off 15 to 5.64. Dark Northern Spring 14 percent protein lost a dime at 5.86. Live cattle ended Thursday on the plus side. Optimism over lower corn prices may have helped push prices higher  on the idea that feed lots will be able to hold on longer than anticipated forcing cash prices higher at the packers. December contracts added 42 to close at 85.87. January feeders 96.37 up 1.67. December Class III milk at Chicago 13.48 down .12.