08/13/08 Wheat futures mixed after USDA reports

Market Line August 13, 2008 Wheat futures were lower Tuesday at Chicago, mixed at Kansas City with Minneapolis showing gains. Harvest delays provided support for Minneapolis spring wheat. Lynn Smith of the Zaner Group in Chicago says the USDA reports yesterday did have some bearish wheat numbers. Smith: "USDA increase its forecast for world production to a record 670.8 million tons. That was up 6.5 million tons from July's forecast. Carryout was raised to 574 million bushels from 537 million in July's forecast but over the analysts forecast of 525 million bushels." The latest USDA projection on U.S. wheat ending stocks puts the stocks to use ratio at 25 percent compared to 13.1 percent this past marketing year. USDA did lower white winter wheat production three percent from July. Pakistan is reported to have purchased 418-thousand metric tons of wheat. On Tuesday Chicago September wheat was down 3 ½ cents at 7-90 ¼. September corn up 11 ¾ at 5-09. Portland soft white wheat was steady to eight cents higher at mostly 8-15. Club wheat 8-25. HRW 11.5 % protein up two cents at 9-17. DNS 14% protein nine to 14 cents higher at 9-86. Barley at the coast 224 dollars a ton. Strong wholesale beef movement helped live cattle futures close higher Tuesday while higher corn put some pressure on feeders. Oct live cattle up 62 cents at 107-45. Oct feeders down a nickel at 115-80. Sept Class III milk down two cents at 17-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.