12/24/07 Markets head into holidays

Market Line December 24, 2007 Futures exchanges will have shortened trading sessions today and will be closed tomorrow on Christmas Day. Friday old crop wheat futures were weak with some strength in new crop contracts at Chicago and Kansas City. One bit of news Friday was a new estimate from the Argentine government of the wheat crop their. In a bearish surprise the crop was left at 15.4 million tons as better yields compensated for any frost damage. Argentina had suspended export registrations pending a full evaluation of frost damage. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says Egypt issued a wheat tender for optional origin wheat Friday afternoon. Kelbrantz: "So results of that tender will impact Monday's prices. But I'd expect slow trade into the new year." On Friday Chicago March wheat was down a nickel at 9-49. July new crop at Chicago up a dime at 7-89 ½. March corn up six cents at 4-43 ½. Portland cash soft white wheat and club wheat were steady at mostly $13. HRW 11.5 percent protein for January down seven cents at 10-84. Dark northern spring wheat 14% protein for January down seven at 12-08. Barley at the coast 256 dollars a ton. USDA's Cattle on Feed Report Friday had the December 1st feedlot inventory up one percent from a year ago, November placements up 12 percent and marketings last month down three percent. The inventory and placement numbers were higher than the average pre-report estimate, the marketing number lower. Ahead of the report Friday Feb live cattle down 17 cents at 95-52. Jan feeders down 12 at 103-82. Jan Class III milk up 42 cents at 18-25. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.