Watching cornbelt harvest weather; USDA testing for H1N1 in U.S. swine

Market Line October 19, 2009 Grain traders will be focusing today on how much row crop harvesting got done over the weekend in the cornbelt. Rains have delayed work but there was a window of opportunity before more rain hits. Louise Gartner for the Linn Group at the Chicago Board of Trade says that could be this week.

Gartner: “The longer range forecasts suggesting that the window would be pretty small has certainly kept an undertone to this row crop market.”

Which can also provide support for wheat. On Friday wheat futures were lower on what traders said was a lack of support from outside markets. The weekly export sales report came in within trade expectations.

On Friday Chicago December wheat was down 6 ¼ at 4-98 ¾. December corn down a penny at 3-72. Portland soft white wheat five to 12 cents lower at mostly 4-66. Club wheat premium $3.25. HRW 11.5 % protein seven to 12 cents lower at 5-49. DNS 14% protein down four cents at 6-61. No Portland barley bids.

The USDA reported late Friday it was conducting confirmatory testing on samples from some Minnesota pigs to determine if the animals have H1N1 influenza. In addition to that news livestock traders have Friday’s Cattle on Feed report which pegged the feedlot inventory up one percent, placements up five and marketings down four. Ahead of the report, December live cattle up 15 cents at 85-80. November feeders up 52 at 95-12. November Class III milk down 36 cents at 13-80 on lower cheese prices.

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

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