Trade gets new USDA estimates this week
Market Line June 8, 2009 The USDA will issue a new estimate of winter wheat production in a report this Wednesday as well as update supply and demand tables. Traders will be looking to see if the U.S. wheat production estimate is reduced. Wheat futures saw double digit losses Friday in what Brian Hoops of Midwest Market Solutions called a day of consolidation. He says a higher dollar was bearish. Hoops: “That means wheat is going to the weakest market with the dollar being strong. That probably means less export business for wheat and wheat as we get into harvest is going to be really heavily dependent on export business, so we are badly in need of some export news.” Hoops says if traders think the USDA report Wednesday will be bullish we could see buying interest ahead of it. On Friday Chicago July wheat was down 12 ¼ cents at 6-23. July corn down 4 ½ at 4-44. Portland soft white wheat and club wheat steady at mostly 6-25 with some club bids to 7-15. August new crop soft white unchanged to down a nickel at 6-15 to 6-30. HRW 11.5 % protein down 15 cents at 7-05. DNS 14% protein down 17 at 8-29. No Portland barley bids. Cattle futures were slightly higher Friday on short covering and positioning ahead of the weekend. Traders are said to be bearish with beef buying patterns flat as we approach Father’s Day and the 4th of July. August live cattle up 15 cents at 81-15. August feeders up two cents at 96-62. July Class III milk was down eight cents at 10-65. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this. ?
