Positioning for USDA grain numbers

Market Line August 11, 2009 Wheat futures were generally steady to a few cents higher Monday. Terry Linn with the Linn Group at the Chicago Board of Trade says a main feature was traders looking ahead to tomorrow’s USDA reports.

Linn: “With the USDA crop production and S&D reports out on Wednesday trade was reserved with most participants getting positioned ahead of the numbers.”

Weekly export inspections for wheat were within trade expectations at 14.4 million bushels. A weekly average of 18 million bushels is needed to meet the USDA’s market year projection.

USDA says at the start of this week 86 percent of Oregon’s winter wheat had been harvested, 63 percent of Washington’s and 37 percent of Idaho’s.

On Monday Chicago September wheat was up 4 ¾ cents at 4-94 ¼. September corn up 2 ¼ at 3-24 ¼. Portland soft white wheat steady at mostly 4-90 with a two dollar premium on club wheat. HRW 11.5 % protein unchanged at 5-65. DNS 14% protein two to seven cents higher at 6-57. No Portland barley bids.

Cattle futures posted losses Monday. A factor for both live and feeders were future contracts’ premiums to cash prices. Last week’s 81 dollar price for fed cattle was disappointing to traders. Cash feeder prices were called a dollar higher to start this week. October live cattle down 80 cents at 88-32. October feeders down 95 at 100-62. September Class III milk up a nickel at 12-74.

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

Now this.