USDA report day

Market Line February 10, 2008 Traders get updated U.S. and world supply and demand numbers from the USDA this morning. Expectations are for a slight decrease in wheat ending stocks. Wheat futures closed higher Monday leading into the report. Louise Gartner for the Linn Group at the Chicago Board of Trade says this was despite some negative news for wheat. Gartner: “With Iraq reporting they had bought 350-thousand tons of wheat. None of it from the U.S. Once again being rebuffed and losing out to Australia, Canada, Germany and Russia. And yet the market opened strong. Some suggest on the heels of a strong bean complex but when the beans broke wheat managed to hold most of its gains throughout the session. It did back off somewhat into the close but did close much better than corn or soybeans.� On Monday Chicago March wheat was up eight cents at 5-65. March corn up a quarter cent at 3-77 ½. Portland soft white wheat any protein steady to a nickel higher at mostly 5-80. Maximum 10.5 percent protein 5-90. August new crop 5-46 to 5-75. Club wheat 7-30. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein three to eight cents higher at 6-28. DNS 14% protein unchanged to up a nickel at 8-01. No Portland barley bids. Cattle futures were higher Monday with some triple digit gains. Higher than expected cash fed cattle sales Friday were a factor as were short covering and buy stops. April live cattle up 105 at 87-75. March feeders up 120 at 95-50. March Class III milk up 19 cents at 10-39 as low prices have brought cheese buyers back. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.