01/11/07 Corn leads the way

Wheat futures ended Wednesday mostly lower. It appears as though the market is not done liquidating wheat contracts while index funds continue to reposition out of wheat. Crop Production due Friday, trade estimates call for a winter acreage of 44.1 million, up from 40.6 million last year. March contracts in Chicago were down 3 1/2 to close at 4.49 ½. March corn contracts gained 5 3/4 to close at 3.60 1/4. Mark Chiodo of Slipka Commodities says corn is the big player right now. CHIODO "There isn't enough demand as there is in the corn side to take on what the funds want to sell in the wheat plus you have some analysts talking about buying corn, selling wheat in the near term." Portland cash white 4.86, down .02. Club White also 4.86. Pacific Northwest HRW 11.5 percent protein unchanged at 5.41. Dark Northern Spring 14 percent protein down .04 at 5.47. Live cattle ended Wednesday higher. The market is pricing cattle with a weather premium in the futures market as forecasts for more winter storms are to hit the Midwest from Texas to southern Nebraska. Daily boxed beef values put choice up 1. and select up 1.28 February live cattle gained 1.65 to close at 93.95. March feeders down .20 at 96.85. February Class III milk at Chicago down .09 at 13.43. I