10/10/08 USDA reports today

Market Line October 10, 2008 The row crops get updated production reports from USDA today and they and wheat also get new supply and demand estimates. Traders are generally looking for an upward adjustment in world wheat production and possibly an increase in the forecast for U.S. wheat exports. Nelson Byrd of the Linn Group at the Chicago Board of Trade sums up the grain market action for Thursday which saw wheat futures closed mixed. Byrd: "Wheat attempted to erase the day's losses by rallying into the close but ultimately failed as large Black Sea and European wheat supplies weigh on the market. Jitter in the energy and financial sectors occurred to late in the day to fully influence the day session grain markets." Weekly export sales for wheat were within expectations Thursday. White wheat actually led sales at 154 thousand metric tons. White wheat export sales for the marketing year are 724 thousand tons, less than half of last year's pace. On Thursday Chicago December wheat was down 3 ¼ cents at 6-04 ¾. December corn up 10 ¾ at 4-38 ¼. Portland soft white wheat steady to a nickel higher at mostly 5-75 with premiums for max 10.5 protein. Club wheat 6-10. HRW 11.5 % protein unchanged at 6-83. DNS 14% protein up three cents at 8-07. No coast barley bids. Cattle futures were lower Thursday. Poor wholesale beef demand, concerns about unsold cash cattle and outside market pressure hit live cattle. Feeders followed and also felt pressure from higher corn. Dec live cattle down 65 cents at 94-30. Nov feeders down 27 at 98-05. Nov Class III milk up 25 cents at 16-03. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.