11/13/06 Corn leads the way, again

Corn was the leader and seemed to drag other commodities down with it last Friday. Wheat futures ended the week on a down note; so did live cattle, hogs and soybeans. The sharp correction Friday in corn helped a follow through sell off in wheat that was carried over from last Thursday. December corn contracts were down 6 3/4 to close at 3.43 1/4. Technical selling pressure and speculative long liquidation also pressured wheat prices. Neutral report from the USDA Friday gave bulls no fundamental support. Chicago contracts for December were off 7 1/2 to close at 4.80 1/2. Kansas City was off six, Minneapolis contracts were 3 3/4 lower. Portland cash white most 4.97. Club White up 11 to 5.12. Pacific Northwest HRW 11.5 percent protein 5.58. Dark Northern Spring 14 percent protein 5.82. Live cattle ended the trading week on a lower note. Lower cash cattle sales and boxed beef prices added to the selling pressure. The market continues to look at reduced retail demand for beef heading into the holiday season. December live cattle contracts were down 17 at the close, to finish at 85.70. January feeders down .67 at 95.70. December Class III milk at Chicago gained .39 at 13.87.