Low volume trading

Market Line November 27, 2009 Futures trading resumes today with shortened hours but volume is expected to be light as many traders take an extended weekend and will not be present today. Light volume can create volatility.

Wednesday wheat futures were higher gaining back much of Tuesday’s losses as the market was considered oversold. The purchase by Iraq of 100-thousand metric tons of U.S. hard red winter wheat helped. Joe Victor says outside markets helped the grains too, like the sharply lower dollar.

Victor: “Energy market up $1.93 at 77.95. That is the January contract. Higher base metals not only in the gold but also in the silver and copper.”

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 are not trading today but action will resume Monday.

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

Now this.