Winter wheat number this morning

Market Line January 12, 2010 Wheat futures closed higher Monday heading into this morning’s USDA reports, which in addition to a monthly update on supply and demand for grains will be the first estimate of winter wheat seedings for harvest in 2010. Brian Hoops of Midwest Market Solutions explains what was behind the wheat trade yesterday.

Hoops: “Wheat had a strong rally on the close. We attribute most of that buying to index fund type buying giving us the rally.”

A lower dollar was also supportive to wheat futures.

USDA’s weekly export inspection report showed just 11 million bushels of wheat inspected which was below trade expectations, though that was up from the past two weeks.

On Monday Chicago March wheat was up four cents at 5-72 ½. March corn down a half cent at 4-22 ½. Portland soft white wheat steady to a nickel higher at mostly 4-99. New crop August soft white $5 to 5-20. Club wheat premium $3.25. HRW 11.5 % protein higher at mostly 6-05. DNS 14% protein five to six cents higher at mostly 7-15. Portland barley bids.

Cattle futures were lower Monday. There was pressure from better weather conditions that should help feedlots in the Midwest and getting cattle to market. Boxed beef did show gains Monday. Feb live cattle down 77 cents at 85-05. March feeders down 25 at 96-40. February Class III milk down eight cents at 13-75.

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

Now this.