A market holiday

Market Line November 26, 2009 Futures exchanges are closed today for the holiday and there will be some shortened hours of trading tomorrow.

On Wednesday wheat futures recovered much of the losses suffered Tuesday. Terry Linn with the Linn Group at the Chicago Board of Trade explains why.

Linn: “With little fresh fundamental news in the grain markets we took our cue from the dollar and other outside markets to again feed the rally.”

The dollar hit 15 month lows and gold set another all-time high.

There was some export news. Iraq purchased 100-thousand tonnes of U.S. hard red winter wheat but Egypt again passed on U.S. wheat and bought from Russia and France.

On Wednesday Chicago March wheat was up 18 cents at 5-71 ½. March corn up sixteen cents at 4-08. Portland soft white wheat for December held steady at mostly 4-92. Club wheat premium $3. HRW 11.5 % protein up 17 cents at 5-83. DNS 14% protein up 12 cents at 7-01 with a dime premium on Guaranteed 14 percent. No Portland barley bids.

Outside markets helped live cattle futures Wednesday as did higher boxed beef and cash fed cattle sales at steady money. Higher corn put pressure on feeder contracts which were mixed. Feb live cattle up 25 cents at 85-75. January feeders up seven at 93-30. January Class III milk up six cents at 14-94. Milk futures will not trade again until Monday.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.

Now this.