USDA report today

Market Line February 9, 2010 Wheat futures were higher Monday. Most traders said it was positioning ahead of this morning’s USDA report. Traders are looking for USDA to lower U.S. wheat stocks by two million bushels from last month’s total of 976 million. A weaker dollar was also supportive to wheat futures.

Weekly export inspections for wheat came in Monday at just under 17 million bushels, which was down slightly from last week. Inspections need to average about 15.5 million bushels weekly to meet USDA’s projection.

Fund are said to be holding large short positions in Chicago wheat.

On Monday Chicago March wheat was up 10 ¾ cents at 4-84. March corn up 4 ½ cents at 3-56. Portland soft white wheat steady to a nickel lower at mostly 4-78. New crop August soft white mixed at 4-60. Club wheat premium $3.42. HRW 11.5 % protein 11 cents higher at 5-35. DNS 14% protein up nine cents at 6-79. No Portland barley bids.

Cattle futures were higher Monday. There was support from last week’s cash fed market. Poor feedlot conditions in the Plains and Midwest due to winter weather were also cited. Boxed beef prices started the week higher. April live cattle up 40 cents at 90-80. March feeders 35 at $100.02. March Class III milk down six cents at 13-18.

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

Now this.