12/26/05 Market holiday

12/26/05 Market holiday

Marketline December 26, 2005 Futures exchanges and USDA Market News are closed today with pit action set to resume tomorrow. The number of traders and volumes could be light again this week as the market is in between holidays with New Years coming up and another holiday closure next Monday. Analysts say however that can lead to price volatility. Friday wheat futures continued their upward climb with Chicago March wheat again closing above the 50-day moving average. Speculative fund short covering was a factor there while technical buying helped Kansas City and Minneapolis. There wasn't much fundamental news for wheat. Dryness remains a concern in the southern Plains. The Australian Wheat Board did say it expects to remain a long-term wheat supplier to Iraq and will bid in the next tender despite losing out to the U.S. for some recent tenders. On Friday March Chicago wheat was up 3 3/4 cents at 3-34 ½. March corn up 1 1/4 at 2-14. Portland cash white wheat steady at mostly 3-46. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-66. Dark northern spring 14% protein higher at 5-11. No barley bids. USDA's Cattle on Feed Report Friday could be negative for futures tomorrow, but analysts say a negative report should have been factored into the market. The feedlot inventory was pegged up three percent from a year ago, November placements up 17 percent and marketings last month up four percent from a year ago. Poor winter wheat grazing conditions in the southern Plains has sent cattle to feedlots. On Friday, Feb live cattle up 17 cents at 95-72. March feeders up a dime at 114-33. Feb Class III milk up two cents at 12-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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