Trade awaits September USDA reports

Market Line September 10, 2009 Wheat futures were lower in quiet trading Wednesday as the market prepares for Friday’s reports from USDA on crop production and supply and demand. Improved moisture for southern hemisphere wheat crops as well as in India continued to weigh on prices, which saw more new lows.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the late U.S. spring wheat harvest has impacted the usual seasonal rally in wheat.

Gartner: “Normally would start about mid-August being delayed significantly because of the slow pace of the spring wheat harvest and that is keeping the pressure on this market and certainly narrows up the window of opportunity for a rally before we get into the southern hemisphere harvest.”

Stats Canada reported wheat stocks sharply higher than a year ago but the number was within trade expectations.

On Wednesday Chicago December wheat was down 2 ¾ cents at 4-56 ¼. December corn up 2 ¼ at 3-09 ¾. Portland soft white wheat five to ten cents lower at mostly 5-65. A $1.50 premium on club wheat. HRW 11.5 % protein steady to a nickel lower at mostly 4-99. DNS 14% protein one to four cents lower at 5-79. No Portland barley bids.

Cattle futures were higher Wednesday. Stronger wholesale beef prices were supportive as was the lower dollar which should be good for exports. Traders are looking for higher cash fed cattle prices this week. October live cattle up 45 cents at 87-55. October feeders up 105 at 100-22. October Class III milk up 12 cents at 12-23.

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

Now this.