11/25/05 A shortened post-holiday trade

Marketline November 25, 2005 Activity could be light in futures trading today as exchanges have shortened sessions and some traders are making it a long holiday weekend. USDA's weekly export sales report normally out Thursday, will be issued this morning which will provide the trade with some fundamental input. Wheat futures were steady to lower in the pre-Thanksgiving session Wednesday with Kansas City and Minneapolis setting two-month contract lows. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, sees continued unwinding of the hard red wheats versus Chicago spreads and little chance of a rally for a while. Georgantones: "And I don't think we are actually going to get a chance to rally this market still the first week of December even though we are very oversold and fallen quite a ways. It is just the nature of it right now." Coming up next Tuesday is first notice day on deliveries against December contracts. On Wednesday March Chicago wheat was unchanged at 3-12 3/4. March corn down a penny at 2-04 1/4. Portland cash white wheat was steady to weak at mostly 3-41. Club wheat 3-86. PNW HRW 11.5 percent protein lower at 4-40. Dark northern spring 14% protein lower at 5-12. Export barley 103 dollars a ton. Higher cash fed cattle prices and forecasts for rain and snowy weather in the Plains helped cattle futures close higher Wednesday. Feb live cattle up 80 cents at 94-30. Jan feeders up 122 at 114-40. Jan Class III milk up four cents at 12-77. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.