06/10/08 June USDA report today

Market Line June 10, 2008 Traders get USDA's crop production report and supply and demand updates this morning. There was some positioning ahead of the government's numbers Monday and wheat futures were lower. Beneficial rains in eastern Australia over the weekend with more in the forecast was negative for wheat. Rains may interrupt the U.S. winter wheat harvest in the southern plains this week. Mark Chido of Slipka Trading at the Minneapolis Grain Exchange thinks this week's corn ratings from USDA may be more important than the numbers USDA issues this morning. After the close USDA said the corn crop was 60 percent good to excellent, down three points from last week. No change in winter wheat ratings nationally. On Monday Chicago July wheat was down 22 ½ cents at 7-88. July corn up 6 ½ at 6-57 ¼. Portland August new crop soft white wheat mixed at 7-85 to 8-25. August HRW 11.5 % protein down 15 cents at 9-16. August DNS 14% protein down 15 at 10-12. Barley at the coast 213 dollars a ton for July. Cattle futures saw some significant losses Monday. Nervousness about this week's cash trade was a factor in the live pit and higher corn was negative for feeders. August live cattle down 122 at 98-97. August feeders down 157 at 110-67. July Class III milk down 29 cents at 20-26. Contracts for 2009 were higher however on expectations of higher feed and fuel costs. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.