11/24/08 A short trading week

Market Line November 24, 2008 Exchanges and grain markets are closed Thursday for Thanksgiving and Friday will be a short day for futures. Wheat futures closed lower Friday in what was a down week with Chicago December closing under $5. A stronger dollar provided some pressure. Louise Gartner for the Linn Group at the Chicago Board of Trade says rain is causing some harvest problems in Australia. Gartner: "The rain in New South Wales and Southern Queensland is right over their best production region, but it certainly is not spilling over to support in the wheat complex. It is expected they are looking at quality damage in Australia and they probably will be looking at more feed wheat available." On Friday Chicago December wheat was down 12 ¾ cents at 4-99. December corn down 25 ¼ at 3-38 ½. Portland soft white wheat steady to a nickel lower at 5-20 with no premium on November low protein. Club wheat 5-80 and no protein premium. HRW 11.5 % protein 15-20 cents lower at 5-79. DNS 14% protein down 12 cents at 7-82. No Portland barley bids. Friday's Cattle on Feed report was called friendly. The on feed number was down nearly 7 percent from a year ago. October placements down 10.5 percent and October marketings down 3.3 percent from last year. Ahead of the report cattle futures were lower on slowing wholesale beef demand and the action of the stock market during the cattle session. Dec live cattle down 90 cents at 84-90. Jan feeders down 35 at 89-40. Dec Class III milk up 25 cents at 14-95. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.