11/20/06 A shortened trading week

Marketline November 20, 2006 Wheat futures were higher Friday which Brain Hoops of Midwest Market Solutions in Yankton, South Dakota attributed to intermarket spreading. Hoops: "Traders have been spreading long Kansas City against short Chicago all week. Took some profits on that which gave Chicago some gains going into the close. Kansas City followed. Minneapolis was a follower as well." Sluggish U.S. wheat exports overall continue to lie under the market. Drought plagued Australia says it will meet the requirements of its main international markets but may have to import some wheat for domestic needs. Being Thanksgiving week trading hours will be shortened Wednesday and Friday with no trading on Thursday. On Friday December Chicago wheat was up 5 ¼ cents at 4-74. December corn up 3 ½ at 3-55 ¼. Portland cash soft white wheat two to four cents lower at mostly 4-93. Club wheat 5-08. HRW 11.5 percent protein up four cents at 5-73. Dark northern spring 14% protein up a nickel at 5-87. USDA's Cattle on Feed report Friday pegged the feedlot inventory up four percent from November 1st of 2005. Placements last month were 13 percent below a year ago, while marketings were only two percent above October of 05. Ahead of the report Dec live cattle were down 55 cents at 87-57. Jan feeders up 17 at 98-37. Dec Class III milk down three cents at 13-87. USDA reports October milk production was up 2.1 percent from October of 2005. September production was revised downward to be two percent above September a year ago. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.