Market holiday today; USDA reports Friday

Market Line September 7, 2009 Future exchanges and USDA Market News are closed for the Labor Day Holiday. Terry Linn with the Linn Group at the Chicago Board of Trade recaps Friday’s grain futures trade.

Linn: “Grain markets at the Chicago Board of Trade ended the week on the run with soybeans off by 19 ½ while corn closed 9 ½ lower and wheat down by 7 ¼. For the week, where the focus was mostly on good crop going condition soybeans lost an amazing $1.74 while corn lost 20 ½ and wheat lost 23 cents.”

Wheat futures were lower at Kansas City and Minneapolis as well.

There were forecasts calling for a possible freeze in the northern areas of the Canadian prairies early this week but it is not expected to cause major damage.

USDA will issue its September crop production and supply and demand reports this Friday.

On Friday Chicago December wheat was down seven cents at 4-71 ¾.

December corn down 9 ½ cents at 3-06 ¼. Portland soft white wheat steady to a nickel lower at mostly 4-70. Club wheat mostly 7-20. HRW 11.5 % protein three to four cents lower at 5-18. DNS 14% protein down two cents at 5-91. No Portland barley bids.

Cattle futures were mixed Friday in a very quiet trade. There were some cash fed cattle sales at 83 to 84 dollars, a dollar lower than the previous week. Pre-holiday weekend positioning was a feature in futures. October live cattle down seven cents at 86-65. October feeders up 17 at 98-55. October Class III milk was down 27 cents at 12-13.

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

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