USDA report tomorrow
Market Line January 11, 2010 USDA updates monthly supply and demand numbers tomorrow and traders will also get a government estimate of U. Friday wheat futures had strong gains. Terry Linn for the Linn Group at the Chicago Board of Trade says strength in the grains came late in the session. Linn: “Grain futures at the Chicago Board of trade rallied late with the help of fund buying. Corn futures settled 5 ½ higher. Wheat up by 10 ¾ while soybeans are struggling with the early stages of a demand shift to southern hemisphere bushels along with a timely Chinese announcing of tightening credit creating pressure and flat price.” On Friday Chicago March wheat was up 10 ¾ cents at 5-68 ½. March corn was up 5 ½ cents at 4-23. Portland soft white wheat a nickel lower at mostly 4-98. New crop August soft white steady to lower at $5 to 5-15. Club wheat premium $3.25. HRW 11.5 % protein 5-96. DNS 14% protein for last half January higher at 7-09. No Portland barley bids. Cattle futures were mixed Friday. Higher cash fed cattle and boxed beef prices provided supported while taking out the winter weather premium provided pressure. Feb live cattle down a dime at 85-82. March feeders down 17 at 96-65. February Class III milk up 20 cents at 13-83. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
S. winter wheat planted acreage. The trade is looking for about three million fewer winter wheat acres.
