Acreage report tomorrow

Market Line June 29, 2009 Traders are awaiting USDA’s report tomorrow on planted acreage. Of particular interest will be spring wheat acres given the delays seen this spring in the Northern Plains. USDA also issues a Quarterly Grains Stocks report.

Wheat futures were mixed Friday. Positioning ahead of the weekend and for tomorrow’s USDA report were features of the trade. Traders also viewed weather as favorable for the spring wheat crop and winter wheat harvesting.

Hot and dry conditions are reported to be increasing the stress on wheat in Ukraine and Russia. Only some light and scattered rains were forecast for dry Argentina where estimates of planted wheat acres keep being reduced.

On Friday Chicago September wheat was up 1 ½ cents at 5-63. September corn up 1 ¾ at 3-91 ¾. Portland soft white wheat and club wheat two to five cents higher at mostly 5-70 with some club bids to 6-65. August new crop soft white higher at 5-65 to 5-75. HRW 11.5 % protein two to three cents higher at 6-35. DNS 14% protein one to six cents lower at mostly 7-57. No Portland barley bids.

Cattle futures were mixed Friday. Traders remained nervous about the cash trade. After the close there were cash fed sales reported at 82 dollars, similar to the previous week. Cattle traders are expected to watch the reaction to Friday’s Hogs and Pigs report. USDA pegged the hog inventory down two percent from last June but up a percent from March of this year. August live cattle down 15 cents at 82-40. August feeders up two cents at 98-97. August Class III milk up a penny at 10-99.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.

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