11/10/08 USDA report day

Market Line November 10 , 2008 Wheat will get a new supply and demand report from USDA this morning while corn and beans will also get new production estimates. Friday wheat futures were mixed in quiet trading ahead of the USDA numbers with Chicago the weak market. There is some expectation the U.S wheat export forecast may be raised. Louise Gartner with the Linn Group at the Chicago Board of Trade says reports are beginning to come in on wheat plantings in the northern hemisphere. Gartner: "India has announced that their wheat plantings will be up five percent this year. That follows last year when they had record production. The government making a concerted effort to continue to increase wheat production. Also the EU, even though wheat prices have dropped significantly and input costs have risen significantly, they are still expected to plant almost as much wheat acreage as they did last year." On Friday Chicago December wheat was down 1 ½ cents at 5-21. December corn down 2 ½ at 3-75 ½. Portland soft white wheat five to 25 cents higher at mostly 5-05. Maximum 10.5 percent protein lower at mostly 5-10. Club wheat 5-05. Max 10.5 protein 5-50. HRW 11.5 % protein up a nickel at 6-18. DNS 14% protein five to 12 cents higher at 8-17. No Portland barley bids. Cattle futures were mostly higher Friday on short covering, positive financials the Goldman Roll and good wholesale beef movement. Dec live cattle down fifty cents at 92-80. Jan feeders up 25 at 99-22. Dec Class III milk up 32 cents at 14-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.