09/15/05 Looking for a rally but finding none

Wheat futures ended mixed Wednesday. Chicago was pressured by spillover weakness from corn and soybeans while Kansas City and Minneapolis were higher. On Wednesday Chicago December wheat was 3.27 ¼ down 2 ¼. Market analyst Joe Vadore in Chicago says one market where you'd expect a rally is in wheat. VADORE "You've got those problems up in the Canadian prairie, you've got wheat quality and harvester delays. Wheat is above the27 day moving average and you say, oh, oh, we're going to get some short coverage, they've been short 40 thousand or 50 thousand for a month and you all set for the rally and boom, they slam her down. Tough market to trade." Portland cash white 3.46 Club White mostly 3.61 Pacific Northwest HRW 11.5 percent protein mostly 4.49 Dark Northern Spring 14 percent protein 5.04 Export barley $103 /ton Corn futures lower on Wednesday as the trade adjusts to larger than expected production and harvest. The cash market remains very depressed by high transportation costs. December corn 2.07 ¾ off 2 ¼. Live cattle futures were mixed on Wednesday. Futures posted a rather lackluster close. October gained 20 points to close at $85.50. October feeders lost .10 to 113.03. October Class III milk at Chicago 14.36, up .07 I