11/16/06 Mixed market day

Wheat futures ended the day mixed. Through the end of Wednesday session traders pushed wheat lower after trading higher through midday. The end of day sell off came as the bull leader, corn, faltered upon the close. Exports remain sluggish and no indication of any further supply or demand shocks. Brian Hoops at Midwest Market Solutions says on Wednesday Chicago December wheat was down five at 4.81 ½. HOOPS "Wheat well off session highs as well. Very poor technical close. Chicago wheat off 15 cents from its high. Kansas City about 8 cents off its high. Minneapolis seven and a half from its high." December corn up ½ at 3.58 ¼. Profit taking limited corn's higher close. Portland cash white 4.96. Club White 5.11. Pacific Northwest HRW 11.5 percent protein up .03 at 5.80 Dark Northern Spring 14 percent protein mostly 5.91. Live cattle ended the day higher. The futures market was excited by higher prices in the cash market Despite higher corn prices beef was able to maintain a bull rally due to robust slaughter numbers. December live cattle added .87 to close at 86.72. January feeders up 1.22 at 95.20. December Class III milk at Chicago 13.77, down .11.