Preparing for the planting report

Market Line March 27, 2009 Wheat futures saw a moderate recovery Thursday after sharp losses the previous two sessions. Louise Gartner for the Linn Group at the Chicago Board of Trade called yesterday's session rather quiet as traders begin preparing for Tuesday's USDA Planting Intentions report. Gartner: "The market is trying to stabilize and many traders are moving to sidelines waiting for that report. We do expect to see the plantings for corn, 84.4 is the average guess. That is down about 1.6 million acres from last year. Soybean acreage expected to be about 79.6. That's up about four million acres. And all wheat at 58.6 that is down 4 ½ million acres from last year." On Thursday Chicago May wheat was up 6 ½ cents at 5-14 ¼. May corn up a nickel at 3-90 ¾. Portland soft white wheat any protein mixed at mostly 5-60. Maximum 10.5 percent protein 5-65. August new crop mixed at mostly 5-23. Club wheat 7-35. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein up a nickel at 6-03. DNS 14% protein up eight cents at 7-68. No Portland barley bids. Cattle futures were lower Thursday with live contracts impacted by nervousness about this week's cash market. Feeders followed and also saw spreading activity. April live cattle down 35 cents at 84-27. April feeders down 80 at 93-42. USDA announced Thursday it was committing 200 million pounds of non-fat dry milk for domestic feeding programs. Class III milk futures still closed slightly lower with the April contract down seven cents at 11-24. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.