New supply and demand numbers today

Market Line April 9, 2009 Wheat futures were lower Wednesday ahead of USDA reports coming out this morning updating supply and demand for grains. Louise Gartner for the Linn Group at the Chicago Board of Trade says this week's freezing temperatures in the Southern Plains hasn't had much of a bullish impact. Gartner: "It is presume that there was some light damage done but with rains forecast in these key dry pockets of the Southwest Plains this weekend and into next week, and also with the weather slowly warming up, it is expected that will be idle weather to help the crop recover if there was any damage at all." Gartner says no bullish surprises are expected in today's USDA report for wheat. On Wednesday Chicago May wheat was down 7 ¾ cents at 5-32. May corn up ¾ of a cent at 3-97. Portland soft white wheat any protein three to five cents lower but mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop 5-40 to 5-54. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein 10-11 cents lower at 6-25. DNS 14% protein down seven cents at mostly 8-01. No Portland barley bids. Live cattle futures were steady to firm Wednesday with feeder contracts moderately higher. A few dressed based sales were two dollars higher than last week. Packers continue to lose over $50 a head. A strong cash market has been supportive to feeder futures. June live cattle up two cents at 83-77. May feeders up 25 at 97-37. May Class III milk up two cents at 11-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.