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Bob Hoff Tour finds smaller corn crop than USDA
by Bob Hoff, click here for bio

Program: Market Line
Date: August 29, 2011

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Market Line August 29, 2011 The Pro Farmer Tour of the corn belt ended Friday putting out an estimate for corn production of 12.4 billion bushels on yields of 147.9 bushels an acre. USDA’s last forecast had yields of 153 bushels an acre and a 12.9 billion bushel crop. Corn has been a big influence for wheat prices.

On Friday wheat futures were higher with Kansas City and Minneapolis the strongest. Fears of continued drought in the southern plains winter wheat belt for the 2011-12 crop were a factor. Morocco was tendering for up to 300-thousand metric tons of U.S. wheat.

On Friday Chicago December wheat up 9 ¼ cents at 7-97. December corn up 23 ½ cents at 7-67. Portland soft white wheat for first half September steady to three cents higher at $7 to 7-20. No club wheat bid. Hard red winter 11.5 percent protein for August up 18 to 19 cents at mostly 9-12. No Portland DNS bids. Minneapolis December wheat futures up 16 ¾ cents at 9-36 ¾.

Cattle futures put in good gains Friday. A higher stock market was cited as well as higher corn. Higher feed costs may mean feedlots send lighter cattle to market. Boxed beef was down. October live cattle up 110 at 115-20. October feeders up 107 at 133-27. October Class III milk up 21 cents at 18-39.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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