12/12/08 Crop Report Boosts Corn

Crop Report Boosts Corn. I'm Greg Martin. This is the Market Line Market Line December 12, 2008 After the USDA Supply/Demand Report came out this morning corn opened slightly lower but as the day progressed, it made some headway. Nelson Byrd with the Linn Group at the Chicago Board of Trade. BYRD: Despite a bearish carryout number of 1.474 billion bushels, corn ended on a high note. Crude is very strong trading $5 higher at one point and this was certainly supportive of the grains as they tend to follow big moves in the energies. The wheat market opened lower and traded on both sides of yesterday's close through late morning in the face of a broad array of normally supportive factors. Live cattle futures posted strong gains on the day, although some contracts closed near session highs, while others were near session lows. On Thursday Chicago March wheat was at 509 1/2 down 2 March corn up 9 ½ at 351 1/2 Portland soft white wheat any protein up 5 to down 5 at 5.15 Maximum 10.5 percent protein at 5.30 Club wheat mostly 6.05 Maximum 10.5 percent club wheat mostly 6.20 DNS 14% protein mostly 7.94 down 2 Feb live cattle closed up .5 at 84.47 Jan feeders closed up at 87.60 Jan Class III milk closed down at 13.75 I'm Greg Martin and that's Market Line on the Northwest Ag Information Network.