Wheat numbers slightly negative

Market Line February 10, 2010 Wheat futures posted modest losses Tuesday following USDA’s supply and demand report. USDA raised U.S. wheat ending stocks five million bushels from last month and increased world wheat carryout slightly. Some traders had been looking for a drop in U.S. stocks. Soft red ending stocks are said to be the highest in three decades. Brian Rydlund of Country Hedging sums up the wheat situation.

Rydlund: “We continue to have plentiful wheat supplies.”

USDA did decrease white wheat production which took two million bushels off of white wheat ending stocks.

Both U.S. and world corn ending stocks were lowered by the USDA with use for ethanol a factor.

On Tuesday Chicago March wheat was down 1 ¾ cents at 4-82 ¼. March corn up 2 ½ cents at 3-58 ½. Portland soft white wheat steady at mostly 4-78. New crop August soft white unchanged at 4-60. Club wheat premium $3.56. HRW 11.5 % protein three to six cents lower at 5-30. DNS 14% protein down six cents at 6-74. No Portland barley bids.

Outside markets helped cattle futures close higher Tuesday and boxed beef prices were up along with expectations are for a steady cash fed market this week. Bad weather impacting weight gains also provided support. April live cattle up 67 cents at 91-47. March feeders up 57 at $100.60. March Class III milk up 12 cents at 13-67.

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

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