01/19/06 Wheat, cattle futures lower again

Wheat futures were lower again on Wednesday. Follow-through technical weakness from Tuesday's losses and continued concerns about global export competition weighed on the market. Ryan Calbranz says weather has a role in all of this. CALBRANZ "Midwest is forecast for scattered precip next week with near normal temperatures. The US hard red winter wheat areas are forecast for moisture into the weekend benefiting crop conditions. Temperatures should remain mild and that will remain mild into next week." Chicago March wheat was down 6 1/4 cents at $3.22 1/2. Kansas fell 2 1/2 cents to close at $3.72 3/4 and Minneapolis March was 3 1/2 cents lower at $3.82 1/2. March corn down .03 to 2.05 ¾. Portland cash white 3.41 August new crop down .03 at 3.53 Club White unchanged at 3.91 Pacific Northwest HRW 11.5 percent protein 4.48 Dark Northern Spring 14 percent protein down .03 at 5.07 Export barley 98 /ton Live cattle futures closed lower on Wednesday. The market was pressured by a round of profit-taking following recent gains. Also, traders are preparing what is expected to be bearish Cattle on Feed report this Friday. February live cattle .48 lower at $96.08. April fell 45 points to close at $94.50. March feeders down 1.25 to 111.20. February Class III milk at Chicago 12.80, up .02. I