Traders get new USDA numbers this morning

Market Line May 12, 2009 Wheat futures were narrowly mixed Monday as traders prepared for this morning’s reports from the USDA. They include the first USDA forecast of winter wheat production and updated supply and demand estimates. Export inspections for wheat were at the lower end of trade expectations.

Louise Gartner for the Linn Group at the Chicago Board of Trade says Iraq is in the market for wheat.

Gartner: “We did see Iraq come in for 50-thousand tons of wheat. It will be interesting to so where they go. They have certainly been spreading the business out over the last several months. It will be a struggle in the United States to compete against the intense competition from the Black Sea.”

After the close USDA reported that 35 percent of the U.S. spring wheat crop has now been planted, still well behind the average for now of 78 percent.

On Monday Chicago July wheat was down a ¼ cent at 5-90 ¾. July corn up a ¼ cent at 4-12 ¼. Portland soft white wheat any protein steady to two cents higher at mostly 5-52. August new crop unchanged at 5-55 to 5-65. Club wheat mostly 5-62. HRW 11.5 % protein up a penny at 6-64. DNS 14% protein two to seven cents lower at 8-08. No Portland barley bids.

Despite a lower stock market cattle futures closed higher Monday. There are thoughts a seasonal bottom may be in on cash fed cattle. There was good movement on boxed beef. Cash feeders at Oklahoma City were steady to two dollars higher. June live cattle up 30 cents at 83-27. August feeders up 90 at 101-60. June Class III milk up a dime at 10-65. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.