Commodity Outlooks Released
Commodity Outlooks Released. I’m Greg Martin. This is Market Line
Market Line March 2, 2009
On Friday the USDA released their commodity outlooks for 2009 during the Outlook Forum. Nelson Byrd of the Linn Group at the Chicago Board of Trade gives us a rundown.
BYRD: Corn acres were mostly unchanged. This is believed to be out of synch with what most traders think but we will see. The farmers surveyed acreage report will be our March 31. On the S&D side, 2009-2010 carryout for corn is seen at 1.72 billion bushels.
Also announced on Friday was that Underwriter Laboratories has approved a 15% ethanol blend at the pump up from the E10 currently available nationwide. It will be interesting to see what the pro-ethanol Obama administration will do with this information.
On Friday
May corn down 11 ¼ at 359
Club wheat mostly 7.15 unchanged
HRW 11.5 % protein mostly 6.05 dn 2
DNS 14% protein mostly 7.76 dn 3
April live cattle 85.925 up .100
April feeders 93.875 up 150
April Class III milk 10.40 up 3
I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.