11/15/06 Corn up, wheat follows along

An up day for futures. Wheat rallied on all three exchanges as corn surged higher. Large speculators were quoted as jumping into a wheat market that previously was viewed as technically weak and disappointing over a lackluster export pace. Export news that Bangladesh will tender for 65,000 tons of wheat and South Korea for 41,600 tons of U.S wheat gave fundamental support to the speculative buying. December contracts in Chicago were up 9 1/2 to close at 4.86 1/2; while Minneapolis was up five and Kansas City December contracts were up 10 ¼. December corn were up 15 1/4 at 3.57. Corn futures surged higher through midday tempting the limit up boundary and then moved slightly away as the Tuesday session ended. Portland cash white 4.96 Club White.5.11 Pacific Northwest HRW 11.5 percent protein up a dime at 5.74. Dark Northern Spring 14 percent protein up .05 to 5.90. Live cattle ended the day higher despite the strong rally in the corn market. Choice cuts were up in boxed beef cut out values. The cattle market experienced support from short covering. December live contracts were up .10 at 85.85. January feeders down 1.45 at 93.97. December Class III milk at Chicago 13.88, down .03.