Wheat futures up heading into holiday

Market Line November 26, 2010 Some traders will return from the Thanksgiving holiday to trade at the exchanges today. On Wednesday wheat futures closed higher. Traders said there was spillover support from soybeans on news of a large Chinese purchase of U.S. beans. China also was urging increased agricultural lending due to looming shortfalls of corn and other commodities.

Continued dry weather in the Plains is supportive with crop condition ratings being poor. Soft red winter wheat areas in the Midwest have been getting moisture.

Commentators continue to mention the dryness in Western Australia and the wet weather in eastern Australia which can impact grain quality there.

On Wednesday Chicago December wheat up 5 ½ cents at 6-47 ½. December corn up 10 ¼ cents at 5-38 ¾. Portland soft white wheat steady to down a nickel at mostly 6-35 for December delivery by rail only. Club wheat mostly 6-52. No Portland red wheat bids. Minneapolis December spring wheat futures up four cents at 7-33.

Cattle futures saw some more new contract highs Wednesday as contracts closed higher. Strong cash fed cattle prices were a factor. Cattle sold three to three-fifty higher than last week to 101 and 102 dollars. The strong stock market and drop in jobless claims were also positive. December live cattle up 37 cents at 101-92. January feeders up 45 at 118-27. December Class III milk down 17 cents at 13-70.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

Now this.