11/11/05 What`s ahead for wheat futures?

Wheat futures were mostly lower on Thursday. USDA left overall supply/demand unchanged this However, the Chicago Board of Trade was pressured by soft red winter wheat exports being lowered. On Thursday Chicago December wheat was down 5 ¼ to 3.09 ¾. What's ahead for the wheat market? We asked Louise Gartner of Ohio-based Spectrum Commodities. GARTNER "Right in front of us we have got to deal with the Southern Hemisphere harvest and that's typically a bearish development but as we move into the spring time these tight stocks in hard red winter wheat and hard red spring I think are going to give us an excellent opportunity for a spring rally." Corn dropped to new contract lows on higher production numbers Thursday. December corn 1.93 ¾ down 1 ½. Portland cash white down one, mostly 3.48. Club White down one to 3.93. Pacific Northwest HRW 11.5 percent protein 4.61. Dark Northern Spring 14 percent protein down one to 5.28. Export barley $100 /ton Live cattle futures were lower on Thursday. Cash cattle prices jumped $2 to $3 yesterday morning boosting futures to a round of new contract highs. However, profit-taking pushed most contracts lower at the close. December live cattle up .02 to 91.97. January feeders down .50 to 113.75. December Class III milk at Chicago up .04 to 13.00