11/16/05 Wheat futures take a plunge

Wheat futures were lower on Tuesday. Chicago Dec dipped to a new contract low in late trading. On Tuesday Chicago December wheat was down 4 ¾ at 3.07. So what to expect today. We put the question to analyst Mark Chetta. CHETTA "Wait and see what happens in South America in terms of their crop and I think for the most part this being the week ahead of Thanksgiving why folks are going to pay more attention to what happens in the spreads than getting positions out of December in the wheat and in the corn." December corn off 1 at 1.96 ¾. Portland cash white mostly 3.47, down one. Club White 3.92. Pacific Northwest HRW 11.5 percent protein down 4 at 4.53. Dark Northern Spring 14 percent protein mostly 5.25. Export barley 100 /ton Live cattle futures were higher on Tuesday. Sharply higher boxed beef cutout values provided fundamental support. Speculative buying interest was also apparent on the eve of President Bush's meeting with Japan's prime minister. December climbed 62 points to close at $91.70. February closed 52 points higher at $94.47. January feeders 114.38 up .65. December Class III milk at Chicago 12.97, down .08.