A market holiday
Market Line December 26, 2011 Futures exchanges are closed for a Christmas Holiday today and trading resumes tomorrow. On Friday wheat futures were higher at Chicago and Kansas City, mixed again at Minneapolis. Short covering by speculators was thought to have continued. Talk of overbought conditions limited prices. Exporters did report the sale of 120-thousand metric tons of U.S. hard red winter wheat to Nigeria. Reports from Australia suggest there wasn’t as much damage to early harvested wheat this year compared to last from rain. That could change as more results come in. Quantity-wise Australia is looking for record wheat production. On Friday Chicago March wheat up a quarter cent at 6-22. March corn up 2 cents at 6-19 1/2. Portland soft white wheat and club wheat were steady at 5-93. Hard red winter 11.5 percent protein up two cents at mostly 7-29. DNS 14% protein up a penny at 9-78. Some higher cash prices helped cattle futures close up on Friday. Boxed beef was also up on good demand. Traders were also looking at the possibility of another winter storm for plains cattle states. There was some talk of the market being technically overbought. On Friday February live cattle up 87 cents at 124-32. March feeders up 80 cents at 150-45. February Class III milk down 35 cents at 17-12. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
