12/05/05 Most futures end the week on down note

Wheat futures settled lower on Friday. Ideas that the steep rebound rally last week had been overdone weighed on the market. Fundamental news is mostly supportive with dry weather in the southern Plains and rumors of fresh new export business. On Friday Chicago March wheat was down 2 ¼ to 3.19 ¾. Kansas City March lost 3 ¾ while Minneapolis dropped 05. March corn off ½ at 2.03 ¼. Technical buying supported the market early, before futures turned lower in thin trade. The lack of fundamental news led to choppy consolidation type trade. Portland cash white unchanged at 3.43 Club White mostly 3.88. Pacific Northwest HRW 11.5 percent protein down .04 at 4.56. Dark Northern Spring 14 percent protein down .07 to mostly 5.15. Live cattle futures ended lower on Friday. The market was pressured by profit-taking from the recently set contract highs and disappointment at the $92 trade in the southern Plains Friday following the $94 trade in Nebraska earlier in the week. February live cattle down 1.07 at 95.83 January feeders 116.68 down .97. January Class III milk at Chicago up .07 to 12.87.