USDA report today

Market Line December 10, 2009 Traders get updated demand numbers for grains this morning as well as the weekly export sales report. Expectations are that U.S. wheat carryover stocks will be increased.

Heading into the report wheat futures were lower again Wednesday as traders were positioning for the USDA numbers and there was spillover pressure from the row crops where lower crude oil was a factor.

Brian Hoops of Midwest Market Solutions says the markets are getting into the year-end trading mode.

Hoops: “I do think you are seeing funds and traders lighten positions a little bit. Now that we are getting closer to the end of the year we will probably see some profit taking in the last couple of weeks of this month.”

On Wednesday Chicago March wheat was down 4 ½ cents at 5-35 ¼. March corn down 1 ½ at 3-83 ½. Portland soft white wheat mixed at mostly 5-03. Club wheat premium $3. HRW 11.5 % protein five to ten cents lower at 5-57. NoDNS bids. December Minneapolis spring wheat futures were down 2 ½ cents at 5-31 ¼. No Portland barley bids.

Cattle futures were lower again Wednesday with some new contract lows set. Pressure on live contracts came on some cash sales of 80 dollars as well as weakness in wholesale beef prices. Feeders followed. Feb live cattle down 120 at 81-92. January feeders down a dollar at 91-05. January Class III milk up sixteen cents at 14-66.

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

Now this.