Commodity Outlooks Released

Commodity Outlooks Released. I’m Greg Martin. This is Market Line

Market Line March 2, 2009

On Friday the USDA released their commodity outlooks for 2009 during the Outlook Forum. Nelson Byrd of the Linn Group at the Chicago Board of Trade gives us a rundown.

BYRD: Corn acres were mostly unchanged. This is believed to be out of synch with what most traders think but we will see. The farmers surveyed acreage report will be our March 31. On the S&D side, 2009-2010 carryout for corn is seen at 1.72 billion bushels.

Also announced on Friday was that Underwriter Laboratories has approved a 15% ethanol blend at the pump up from the E10 currently available nationwide. It will be interesting to see what the pro-ethanol Obama administration will do with this information.

On Friday Chicago May wheat was down 3 ¼ at 521 1/4

May corn down 11 ¼ at 359

Portland soft white wheat closed mostly 5.65 unchanged

Club wheat mostly 7.15 unchanged

HRW 11.5 % protein mostly 6.05 dn 2

DNS 14% protein mostly 7.76 dn 3

April live cattle 85.925 up .100

April feeders 93.875 up 150

April Class III milk 10.40 up 3

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.