Wheat futures mixed after USDA numbers

Market Line August 13, 2009 Wheat futures were higher Wednesday at Chicago and Kansas City, lower in Minneapolis. USDA’s wheat numbers were bearish but expected, with wheat production up three percent from a month ago, and both U.S. and world wheat ending stocks increased from last month’s estimates. The pressure on spring wheat in Minneapolis was attributed to great crop conditions and skepticism now about the potential for frost damage in Canada in the next week.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the grain futures actually performed pretty well Wednesday, but still:

Gartner: “Long term bear market in wheat and corn. But again getting some reprieve here with a very impressive reversal up. Should see some short term covering result from this but to break this long term down trend is going to be very difficult to do.”

On Wednesday Chicago September wheat was up a nickel at 4-90 ¼.

September corn up 4 ¼ at 3-30 ¾. Portland soft white wheat bids for full August delivery were unchanged to down 15 cents at mostly 4-80.

Club wheat bids sharply lower at mostly 6-05. HRW 11.5 % protein up two cents at 5-59. DNS 14% protein six to nine cents lower at 6-43. No Portland barley bids.

Live cattle futures were higher Wednesday with feeder contracts firm. Live contracts got outside market support from stocks and from short covering. There was some spillover to feeders. October live cattle up 67 cents at 88-35. October feeders up seven cents at 100-17. September Class III milk up 12 cents at 12-77.

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

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