A shortened trading session

Market Line Nov. 25, 2011 Trading resumes at futures exchanges today though hours will be shortened and many traders may be still be off. The export sales report from USDA will be out this morning.

In the last trading session Wednesday wheat futures were lower and Chris Robinson of Top Third AG Marketing at the CME pointed to outside forces.

Robinson: “And I would just say we have 17 month lows in the wheat. In the past six weeks soybeans have lost $1.55. In the past three weeks corn has lost 82 cents. Most of this primarily due to the outside markets and the fear that is running through, the uncertainty of these markets.”

One commentary did note more than 80 percent of expected Russian wheat exports for the year have now been sold so it could become less of a factor.

On Wednesday Chicago December wheat down 14 ¾ cents at 5-79 ¼. December corn down 10 ¼ cents at 5-88 ¾. Portland soft white wheat and club wheat was steady at 5-78. Hard red winter 11.5 percent protein steady to a dime lower at 7-12. DNS 14% protein down 20 cents at 9-52 in reaction to lower futures.

Cattle futures were steady to lower Wednesday. A commodity sell off and lower stock market were cited though cash fed cattle sold steady to higher and boxed beef was up. Packers are still operating in the red. December live cattle down a nickel at 121-40. January feeders down 122 at 145-80. December Class III milk down 19 cents at 18-13.

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

Now this.

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