12/05/06 Lower corn pressures wheat; helps feeders

Marketline December 5, 2006 Weekly export inspections for wheat surpassed trade expectations Monday coming in at just over 20 million bushels, however wheat futures were caught in a broader grain market sell off and closed lower. Corn futures posted some sharp losses. Hefty deliveries against December contracts added pressure to Chicago. Kansas City saw an early sell off on reports weekend weather was not cold enough to damage winter wheat in the plains. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says wheat has already had its correction and corn is having one now. Chiodo: "but for right now without some substantial news or any news at all I guess we are going to drift here a little bit and that's what's been happening." On Monday Chicago March wheat was down 2 ¾ cents at 5-18. March corn down 11 ½ at 3-75 ½. Portland cash soft white wheat one to four cents lower at mostly 4-95. Club wheat 4-95. HRW 11.5 percent protein five to eight cents lower at 5-86. Dark northern spring 14% protein four to five cents lower at mostly 6-04 Lower cash cattle prices last Friday and technical factors pushed live cattle futures lower Monday. Feeders were higher getting support from lower corn futures. Feb live cattle down 97 cents at 88-12. Jan feeders up 30 at 97-27. Jan Class III milk down seven cents at 12-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.