12/23/05 Short trading day

12/23/05 Short trading day

Marketline December 23, 2005 Futures exchanges will be closing early today and then not reopen the pits again until Tuesday December 27th. Thursday wheat futures continued to move higher as recent gains have strengthened the technical make up of the market. The weekly export sales report was called supportive at 19.2 million bushels. Chicago March wheat pushed through the $3.28 cent level closing above the 50-day moving average and Mark Chiodo of Slipka Commodities in Minneapolis says that is significant.. Chiodo: "Technically the wheat looks very strong on the board. And fundamentally when you look around down in the southwest the hard red crop which comes out of Kansas City, why they are very dry down there. Temperatures approaching the 70 degree level. The guys down there tell me they are very dry and desperately in need of rain and it is not looking good for their crop at this point in time. Though it is in dormancy." On Thursday March Chicago wheat was up 3 1/4 cents at 3-30 3/4. March corn up 2 3/4 at 2-12 3/4. Portland cash white wheat was steady at 3-46. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-61. Dark northern spring 14% protein unchanged to higher at 5-05. No barley bids. Cattle futures closed lower Thursday remaining under downward pressure following a chart reversal Wednesday. A sharp drop in boxed beef and reduced bids by packers added to the bearish sentiment. USDA issues its monthly Cattle on Feed report this afternoon. Feb live cattle down 63 cents at 95-55. Jan feeders down 48 at 113-60. Jan Class III milk down 21 cents at 13-34. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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