A world wheat production estimate

Market Line January 22, 2010 Wheat futures where slightly higher at Chicago and Minneapolis Thursday but lower at Kansas City. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says there are two ways of looking at yesterday’s activity.

Chiodo: “One is that despite the outside markets we held up pretty well and closed on the upside. The flip side is not much of a bounce for something that has been under pressure and been down for six, seven trading days in a row here.”

The International Grain Council issued its first estimate of world wheat production for 2010-2011. That forecast is looking for a world crop of 653 million tons, down 21 million from this past year on reduced acreage. Production at that level would still be the third largest wheat crop on record.

On Thursday Chicago March wheat was up two cents at 4-99 ½. March corn up four cents at 3-72. Portland soft white wheat steady to a nickel higher at mostly 4-73. New crop August soft white steady to a dime higher at 4-65 to $5. Club wheat premium $3.25. HRW 11.5 % protein mixed at 5-45. DNS 14% protein two to four cents higher at 6-51. No Portland barley bids.

Cattle futures were lower Thursday. The drop in the stock market and concerns about unemployment and what that means for beef demand were cited as factors. Traders were also uneasy about this week’s cash fed cattle market. This afternoon it’s the USDA’s Cattle on Feed Report. Feb live cattle down 60 cents at 86-85. March feeders down fifty at 99-37.

February Class III milk down 11 cents at 14-09.

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

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