11/17/06 Wheat futures lower; feeders limit up

Marketline November 17, 2006 Wheat futures closed lower Thursday. Weekly exports for wheat came in within trade expectations but there was nothing to get excited about. Year-to-date U.S. wheat exports are down nearly 20 percent from last year. Lower corn also pressured wheat and Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says corn and beans could see technical setbacks like wheat has. Hoops: "Fundamentals remain strong it just a matter that technicals are turning weak and the buyers are starting to become scarce at these high price levels and we might see the funds take some profits off the table." Wheat did get some support Thursday from dry forecasts for Chinese wheat areas and for the central and southern U.S. Plains for the next week. On Thursday December Chicago wheat was down 12 ¾ cents at 4-68 ¾. December corn down 6 ¾ at 3-51 ½. Portland cash soft white wheat weak to a penny lower for November at mostly 4-94 while December bids were six cents lower. Club wheat 5-09. HRW 11.5 percent protein 8-10 cents lower at 5-69. Dark northern spring 14% protein down 5-7 cents at 5-82. Cattle futures were higher Thursday with some limit up moves in feeder contracts. Lower corn was a factor there. Live cattle benefited from a higher cash fed trade, 87-dollars, a dollar higher than last week. USDA issues its Cattle on Feed Report this afternoon. Dec live cattle up 140 at 88-12. Jan feeders up $3 at 98-20. Dec Class III milk up 13 cents at 13-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.