12/11/06 Waiting for the WASDE report

Wheat futures ended lower on Friday and for last week. Positioning ahead of today's World Agricultures Supply and Demand Estimate is causing some traders to liquidate position over uncertainty over where USDA projected carryout will be. To date, total wheat export sales are down 16.1% from levels of a year ago. Wheat prices fell 6.2% in Chicago this week, Kansas City was down 6.52% and Minneapolis was down 4.68% on the week. December contracts in Chicago were down 8 1/2; March wheat was off a dime at 4.85 ¾. March corn off .04 at 3.68 ½, again traders wait for today's report. Portland cash white 4.91 down .02. Club White down .02 at 5.01. Pacific Northwest HRW 11.5 percent protein mostly 5.65. Dark Northern Spring 14 percent protein 5.75, down a dime. Live cattle ended the day and week higher. December live cattle futures were net gainers last week with a 1.7% price appreciation. January feeder cattle added 3.56% for the week to futures prices. February live cattle 89.72 up .42. January feeders 100.42, up 57. January Class III milk at Chicago down .08 at 13.05.