11/26/07 A seasonal rally

Market Line November 26, 2007 Old crop wheat futures were sharply higher again Friday in a thin post-holiday trade. New crop contracts at Chicago in particular just saw limited gains. Outside markets and a good export sales report from USDA were cited as positive for wheat Friday. There is still talk about India buying before the end of the year and while it will not likely buy from the U.S. it will tighten available world stocks. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says the grains usually move higher this time of year. Chiodo: "Typically, it's the seasonality. You see grains rally from this time of year into the holiday. So that is what we are looking at at this point and we will see what that brings." On Friday Chicago March wheat was up 19 ½ cents at 8-45 ½. July new crop at Chicago up 3 ½ at 7-13 ½. March corn up seven cents at 4-05 ¾. USDA Market News remained closed Friday so Portland quotes are still from Wednesday before Friday's run up in futures. Portland cash soft white wheat was 15-20 cents higher at mostly 10-23. Club wheat 10-25. HRW 11.5 percent protein higher at 9-45. Dark northern spring wheat 14% protein higher at 10-06. Barley at the coast 247 dollars a ton. USDA reports U.S. commercial meat production in October was up ten percent from the previous year at a record 4.61 billion pounds. Cash fed cattle sold higher last week and cattle futures posted gains Friday. Feb live cattle up fifty cents at 98-70. Jan feeders up 80 at 110-70. Milk futures trading remained closed Friday with Jan Class III milk last trading at 18-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.