Grain stocks report today

Market Line September 30, 2009 USDA’s Quarterly Grain Stocks and Small Grain Summary could give the futures market direction today. On Tuesday wheat futures were lower again with some more new lows set. Brian Hoops of Midwest Market Solutions says a negative for wheat yesterday was news Egypt’s latest tender all went to Russia.

Hoops: “So a 150-thousand metric tons of wheat brought from Russia and snubbed the U.S. again. That tells traders that our wheat is not competitively priced on the world market and we are going to have move lower if we are going to be able to get any of that business. So wheat is going to continue to remain under pressure, my feeling is, and because of the lack of availability on our export front.”

Stats Canada is scheduled to release its latest crop production estimates this Friday.

On Tuesday Chicago December wheat was down 8 ¼ cents at 4-47 ½.

December corn up 2 ¼ at 3-41. Portland bids for October delivery; soft white wheat steady to three cents lower at mostly 4-40. Club wheat premium $3.25. HRW 11.5 % protein 5-09. DNS 14% protein 6-13. No Portland barley bids.

Cattle futures were lower Tuesday with outside market weakness cited as a factor. There was also nervousness about the cattle market outlook. Increasing corn prices again weighed on feeder contracts. December live cattle down 17 cents at 85-60. November feeders down 77 at 95-77. November Class III milk up six cents at 13-56.

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

Now this.