11/28/08 Quality problems in Australia and no export monopoly

Market Line November 28, 2008 Wheat futures closed slightly higher at Chicago heading into the Thanksgiving holiday Wednesday, while Kansas City and Minneapolis contracts were lower. Trading was described by one observer as restful. There continues to be commentary about rain in eastern Australia causing quality problems and harvest delays. This is also the first Australian wheat crop that will not be marketed by the Australian Wheat Board. Glen Squires, Washington Wheat Commission analyst, comments. Squires: "That is a big unknown because as you say this is the first year there is not a single desk seller. So their ability to undercut U.S. prices and move their wheat into markets is less, you know they have less ability to do that. And so it is likely perhaps to create a different buying pattern on behalf of buyers." On Wednesday Chicago March wheat was up 1 ½ cents at 5-54. March corn up a half cent at 3-71. Portland soft white wheat any protein steady at mostly 5-40. A dime premium on maximum 10.5 percent protein. Club wheat mostly $6 with a dime premium on low protein. HRW 11.5 % protein mixed at 6-09. DNS 14% protein two to three cents higher at 7-91. No Portland barley bids. Cattle futures were higher Wednesday on pre-holiday short covering. There were cash fed cattle sales two to three dollars higher than last week. Feb live cattle up 82 cents at 88-15. Jan feeders up 80 at 92-20. Jan Class III milk up four cents at 14-24. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.