Trade gets USDA numbers today

Market Line November 10, 2009 USDA issues crop production and supply and demand reports this morning, which analysts say will likely provide direction for the grain markets today. Louise Gartner for the Linn Group at the Chicago Board of Trade says expectations for wheat are not bullish.

Gartner: “Wheat is expected to see an increase in world production and stocks and very likely could get a cut in U.S. exports. So certainly none of that casting much of a bullish note.’”

On Monday wheat futures were 20 to nearly 30 cents higher with the lower dollar, higher stock market and higher crude oil helping the grain complex. Export inspections for wheat at just over 17 million bushels were at the high end of trade expectations.

On Monday Chicago December wheat was up 22 ¾ cents at 5-20. December corn up 19 cents at 3-86. Portland soft white wheat one to seven cents higher at mostly 4-87. Club wheat premium $3.25. HRW 11.5 % protein up 21 cents at 5-57. DNS 14% protein up 28 cents at 6-84 with a 12 cent premium for guaranteed 14 percent. No Portland barley bids.

Live cattle futures were near firm Monday with feeder contracts lower. Traders say the positive impact of outside markets didn’t hit until nearly the close. Cash premiums to futures and higher corn were bearish for feeder contracts. December live cattle down a nickel at 84-95. January feeders down 37 at 95-70. December Class III milk down four cents at 14-65.

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

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