12/26/06 Another short trading week

Wheat traded higher through the close last Friday. Large exports sales were supportive as is EU's continued rejection of export license bids. Holiday spirits spilled into the grains market helping push prices higher. This was accentuated by light volume and traders wanting to get back in after end of year profit taking. March contracts in Chicago were up 10 3/4 at 5.14, Kansas City up 9 ¼ and Minneapolis was up 9 1/2. Corn futures closed higher last Friday. March corn contracts were up 4 ¼ at 3.82. Portland cash white 4.94 Club White 4.94 Pacific Northwest HRW 11.5 percent protein up a dime at 5.83 Dark Northern Spring 14 percent protein up .09 at 5.94. Live cattle traded lower last Friday on light volume. Boxed beef cutout values were mixed with choice down .65 at 140.04 and select up .09, all of that on the heels of Thursday's choice cut outs losing 2.56. Weather premiums appeared to be already factor into the market and traders are moving onto new information. February live cattle 89.82 down 05. March feeders 95.20 down 1.20. February Class III milk at Chicago 13.17 down .08.