11/27/06 Will Friday`s wheat gains hold?

Marketline November 27, 2006 There were some big gains in wheat futures Friday but as always in a holiday shortened session the volume was thin and Joe Victor of Allendale Incorporated wonders if we will see a reversal today. Victor: "Monday morning we could walk in here and see this market going back in reverse mode, especially for wheat because technically it has been in trouble. Because of the thinness, or very light volume that was traded, we are not going to put a whole lot of stock into it. Fundamentally, the weekly wheat export sales were not all that great. They were on the low side of the trade range." U.S. wheat export sales have reached 58.4% of the USDA forecast as compared to 61.5% on average for this time over the last five years. A weaker dollar Friday was friendly to wheat. Concerns still remain about some dryness in parts of the U.S. plains and in China. On Friday March wheat was up 12 ¾ cent at 5-19. March corn up 7 ¾ at 3-86. USDA market news did not update Portland bids Friday; as of last Wednesday cash soft white wheat was 4-93. Club wheat 5-08. HRW 11.5 percent protein lower at 5-72. Dark northern spring 14% protein higher at 5-91. Cattle futures were lower Friday with the strong rally in grains providing pressure. News that South Korea was banning another U.S. beef plant from shipping was said not to have impacted the market since few plants are exporting there anyway given the stringent regulations. Feb live cattle down a dime at 90-35. Jan feeders down 70 at 98-50. Jan Class III milk unchanged at 13-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.