01/12/06 Waiting on USDA numbers

Wheat futures settled higher on Wednesday. Buyers took advantage of the recent sell-off to return to the long side of market. Reports released from Oklahoma and Texas this week showed major declines in winter wheat condition ratings since late November. On Wednesday Chicago March wheat was up 1 ¼ to 3.30 ½, Kansas City gained three, Minneapolis up 3 ¾. Joe Victor of Allendale says traders will be digesting and reacting to numerous numbers from USDA's seedings and quarterly stocks data to be released today. VICTOR "Acreage, quarterly stocks, winter wheat seedings, and of course March corn 2.14 ½ up 1 ¼. Portland cash white 3.43 down .01. White wheat August new crop up .08 to 3.56 Club White 3.89 down .02. Pacific Northwest HRW 11.5 percent protein up .01 to 4.50. Dark Northern Spring 14 percent protein up .04 at 5.11. Export barley 98 /ton Live cattle futures were sharply lower on Wednesday. Speculative long liquidation began slowly but selling pressure snowballed into a massive technical break. February live cattle down 2.33 to 94.22 March feeders lost 2.85 to 110.78. February Class III milk at Chicago 12.98, down .07.