12/08/06 Up one day, down the next

Riding out the waves, up one day, down the next. Wheat futures ended Thursday on a high note. Wheat export sales were within range. With light cash activity the wheat market remains a bit soft but the rumors that Japan is looking to tender got some bulls into a buying mode. December wheat contracts in Chicago were up 2 1/2 at 4.77 ½, Chicago March was up ¼ to 4.95 ¾. In the corn market weekly export sales were mildly depressing at 812,700 tons. March corn gained 6 ½ to 3.72 ½. Portland cash white down .04 at 4.88. Club White.4.98, down .04 Pacific Northwest HRW 11.5 percent protein mostly 5.72, up .03. Dark Northern Spring 14 percent protein 5.85. Live cattle closed the day higher. Exuberance in both the cash and futures market propped both markets higher Thursday. Expectations of cattle trading one dollar higher this week was supportive. The market was underpinned by a large cattle showlist. Expectations of lower beef demand, with a hike in specialty meats demand around the holiday, will possibly weigh on the market. February live cattle down .12 to 89.30 January feeders up .77 to 99.85. January Class III milk at Chicago 13.13. off .11.