Corn Picture Brightens a Bit

Corn Picture Brightens a Bit. I’m Greg Martin. This is Market Line

Market Line November 12, 2009

The November 2009 Crop Report was released and it appears that corn growers can smile a bit according to USDA’s Gary Crawford.

CRAWFORD: Analysts dropping the corn production forecast 1% from last month down to 12.9 billion bushels instead of 13, dropping yield by 1.3 bushels an acre but still that’s the highest yield ever. Analysts adding 20 cents to their price forecast for corn, average prices for this crop now expected to be $3.55 a bushel. That move also taking prices higher for sorghum, barley and oats.

As far as dairy farmers goes the report says demand is remaining strong and that means a much improved price outlook for 2010 as much as nearly a 1/3 increase.

On Wednesday Chicago December wheat up 8 ¾ at 531 ¾

December corn closed down a half at 394

Portland soft white wheat up 3 to unchanged at 4.85 - 4.95

Club wheat mostly 8.15

HRW 11.5 % protein mostly 5.69

DNS 14% protein mostly 6.94

December live cattle closed down at 83.650

January feeders down 1 ¼ at 93.475

December Class III milk down at 14.61

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.