USDA wheat numbers surprise traders

Market Line March 12, 2008 Wheat futures posted losses in the 20 cent a bushel range Wednesday. While there were some negative outside influences the big bearish factor was the USDA report which increased projected U. S. wheat carryout 57 million bushels to 712 million. That was well above trade expectations. Louise Gartner for the Linn Group at the Chicago Board of Trade says world numbers were negative too. Production was increased. Gartner: "They also increased world ending stocks by almost six million tons getting us to 155 million tons. That is a six year high for world ending stocks. So clearly no shortage of wheat in the world and we are looking at another crop coming on with the only trouble spot right here in the United States." On Wednesday Chicago May wheat was down 24 ½ cents at 5-08 ¼. May corn down 11 at 3-64 ½. Portland soft white wheat any protein five to ten cents lower at mostly 5-45. Maximum 10.5 percent protein 5-55. August new crop 10-15 cents lower at 5-10 to 5-30. Club wheat 6-95. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein down 23 cents at 6-11. DNS 14% protein down 20 cents at 7-76. No Portland barley bids. Cattle futures were lower again Wednesday as traders await developments in the cash fed market. Rolling contracts forward was a feature. April live cattle down 32 cents at 82-55. April feeders down 40 at 90-35. April Class III milk down two cents at 10-57. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.