12/22/06 Wheat up, cattle down

Wheat futures ended Thursday higher. Taiwan picked up 48,000 tons of U.S wheat on their weekly shopping trip  so too, did Japan, buying 140,000 tons, 90,000 of which came from the U.S. March contracts in Chicago were up 9 1/2 at 5.03 1/4; K.C added four, Minneapolis up 4 1/4. Brian Hoops at Midwest Market Solutions says it's a slow time of year. HOOPS- "Volume is going to remain very slow here and will even slow down further next week. We're going to close at noon for the grains and livestock and then we'll have normal trade Tuesday, Wednesday and Thursday of next week and an early close next Friday." March corn 3.77 ¾ up five. Portland cash white 4.94 up .02 Club White 4.94, up .02. Pacific Northwest HRW 11.5 percent protein up .04 at 5.73. Dark Northern Spring 14 percent protein mostly 5.85. Live cattle were down on the day. In response to the cash market, futures prices moved lower. Boxed beef cutouts lost 2.56 and select lost 0.94. Weather premium appears to have already been valued into the market and unless more inclement weather comes, marketing's are not anticipated to change. February live cattle 89.87 down .47. March feeders 96.40 down .35. February Class III milk at Chicago down .05 at 13.30.