Focus on weather and USDA report

Market Line March 9, 2008 USDA issues its monthly supply and demand report this Wednesday and futures traders may begin looking forward to that as well as the weather in the Plains. Friday wheat futures were higher on a lower dollar and higher crude oil. Louise Gartner for the Linn Group at the Chicago Board of Trade sees more focus on those dry parts of the hard red winter belt. Gartner: “So it is going to be difficult to push this market down as long as the crop is stressing in the far Southern Plains and as long as we don‘t see any rain come across the Central Plains, in particular as those western Kansas, eastern Colorado and the Panhandle region start to dry out as well.� Gartner says seasonals also suggest strength in the market through at least mid-March. On Friday Chicago May wheat was up 12 cents at 5-27. May corn up three at 3-61 ½. Portland soft white wheat any protein steady to a nickel lower at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop higher at 5-20 to 5-33. Club wheat $7. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein 14-16 cents higher at 6-22. DNS 14% protein 10 to 15 cents higher at 7-85. No Portland barley bids. Cattle futures saw big losses Friday on the weak stock market and only steady cash fed cattle sales. The unemployment number was bearish for beef demand. Feeders followed live contracts getting added pressure from higher corn. April live cattle down 145 at 82-45. April feeders down 220 at 90-62. April Class III milk up 26 cents at 10-73. Year to date slaughter of dairy cows is up over 20 percent. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.