10/18/05 Wheat futures mixed, cattle futures lower

Wheat futures were down modestly Monday in consolidation trade. Sluggish exports, long liquidation by the funds and generally favorable winter wheat planting weather were all bearish factors. On Monday Chicago December wheat was down 2 ¾ to 3.36 ¼, Kansas City fell a penny and Minneapolis December was 2 ¾ lower. Analyst Peter George says things have changed over the past 30 days. GEORGE "We're looking at a wheat stocks number in this country of about 660 to 670 million bushels and now we're down to 530 based on crop reductions and increase in usage. I don't think we're going to be planning on an abundance of wheat this coming year so." December corn up ¼ to 2.03 ¾ after testing contract lows early in the session. Portland cash white October 3.63 Club White 4.08 Pacific Northwest HRW 11.5 percent protein 4.65 Dark Northern Spring 14 percent protein 5.21 Export barley 100-104/ton Cattle futures ended lower on Monday. Fund selling weighed on the market as the December contract has slipped below technical support. Traders are worried that poor packer margins may encourage them to slow slaughter. December live cattle down .63 to 88.95 November feeders down .60 to 115.18. November Class III milk at Chicago 13.80, up .02.