11/26/08 Markets closed tomorrow

Market Line November 26, 2008 Commodity markets will be closed tomorrow for Thanksgiving. Wheat futures were slightly lower in what was called a directionless trade Tuesday. Louise Gartner for the Linn Group at the Chicago Board of Trade says the markets may chop around through the holiday season. She also reports India is saying its wheat acreage may be slightly higher this year. Gartner: "They had very good planting conditions and it looks like the government is going to be full force behind the producers trying to produce a bigger crop yet, even after a record crop this past year." On Tuesday Chicago March wheat was down four cents at 5-52 ¾. March corn down a half at 3-70 ½. Portland soft white wheat any protein unchanged to up a nickel at mostly 5-35. A dime premium on maximum 10.5 percent protein. Club wheat 5-95 with a dime premium for max 10.5 protein. HRW 11.5 % protein down four cents at 6-10. DNS 14% protein seven to 17 cents lower at 7-94. No Portland barley bids. South Korea's three major retailers say they will resume U.S. beef sales Thanksgiving Day. The U.S. Meat Export Federation calls the development an important breakthrough. Cattle futures were mixed Tuesday. Profit taking was a feature. Feb live cattle down 27 cents at 87-32. Jan feeders unchanged at 91-40. Jan Class III milk down six cents at 14-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.