USDA numbers expected to provide market direction today

Market Line March 31, 2009 The USDA issues its Planting Intentions report this morning as well as the Quarterly Grains Stocks report and the interpretation of those by traders is likely to give the grain markets their direction today. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat futures were higher Monday in a light trading session though outside markets were negative. Gartner: "Responding to the weakness in the financial markets and the higher dollar and just trying to hold steady until we get these numbers behind us." Weekly export inspections for wheat were at the low end of expectations. Egypt announced a wheat tender yesterday. On Monday Chicago May wheat was up 5 ¼ cents at 5-12 ½. May corn down ¾ at 3-86 ¼. 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 mixed at 5-15 to 5-30. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein mostly $6. DNS 14% protein 7-68. No Portland barley bids. The drop in stocks drove cattle futures lower Monday. Traders were also disappointed in Friday's cash fed cattle prices of 83 to 84 dollars. Analysts say there may be some month end position squaring today. April live cattle down 150 at 82-82. April feeders down 92 at 92-20. Milk futures pretty much gave back Friday's gains with April Class III milk down 42 cents at 11-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.