08/12/08 August crop production report today from USDA

Market Line August 12, 2008 Surprises or the lack thereof in USDA production and supply and demand reports being issued this morning may provide grain market direction today. On Monday wheat futures continued their recent roller coaster ride and finished sharply higher. Weekly export inspections for wheat were well above trade expectations at over 30 million bushels. Dry weather continues in Argentine wheat areas however, private forecasters in Australia have begun raising wheat crop estimates there as recent rains in both the eastern and western parts of the country have largely eliminated the threat of drought for now. After the close Monday USDA reported the winter wheat harvest 86 percent complete in Oregon, sixty percent done in Washington and 26 percent complete in Idaho. On Monday Chicago September wheat was up 28 ½ cents at 7-93 ¾. September corn down 1 ¼ at 4-97 ¼. Portland soft white wheat two to seven cents higher at mostly 8-10. Club wheat mostly 8-20. HRW 11.5 % protein 21 to 26 cents higher at 9-05. DNS 14% protein 24 to 29 cents higher at 9-72. Barley at the coast 225 dollars a ton. Short covering and wholesale beef strength helped live cattle futures close higher Monday. Feeders were mixed with the board's premium to the CME index pressuring deferred contracts. Oct live cattle up 37 cents at 106-82. Oct feeders up 45 at 115-85. Sept Class III milk up three cents at 17-22. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.