New USDA supply and demand numbers tomorrow

Market Line February 9, 2008 Traders await the USDA’s February supply and demand reports being issued tomorrow morning. Once again the expectation is for USDA to lower U.S. wheat ending stocks. On Friday wheat futures posted small losses. Lynn Smith with the Zaner Group at the Chicago Board of Trade says weekend moisture forecast for the southern Plains was bearish. And he says some traders concerns about the Chinese wheat crop may have been overdone. Smith: “And the actuality is that China‘s ending stocks are large enough that they are able to sustain some shortfall in the current crop because of the weather concerns. So they decided to take back some of the premium.� If they didn’t delay it again, Pakistan was supposed to be in the market over the weekend for that U.S. soft white wheat tender. On Friday Chicago March wheat was down 4 ¾ cents at 5-57. March corn up six at 3-77 1/4. Portland soft white wheat any protein steady at 5-80. Maximum 10.5 percent protein higher at 5-90. August new crop lower at 5-37 to 5-67. Club wheat 7-30. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein down three cents at 6-23. DNS 14% protein down a penny at 7-96. No Portland barley bids. Cattle futures were slightly higher Friday getting support from a higher stock market and short covering. Today traders will check in on any fed cattle sales that occurred Friday. April live cattle up 20 cents at 86-70. March feeders up 22 at 94-35. March Class III milk up 26 cents at 10-20. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.