USDA report day
Market Line March 10, 2010 This morning USDA issues its monthly supply and demand report and traders will see if there is any news to react to. Joe Victor of Allendale Incorporated says they are looking for a reduction in U.S. wheat ending stocks from last month. Victor: “And wheat we are at 966 versus the previous 981. Majority of that a little increased domestic use but the export demand has picked up.” On Tuesday heading into report day wheat futures were lower on a higher dollar and weakness in many other commodities. FAPRI, forecasts 2010 U.S. wheat plantings at 53.6 million acres with a 1.965 billion bushel crop. On Tuesday Chicago May wheat was down 5 ½ cents at 4-89 ½. May corn down six cents at 3-69. Portland soft white wheat steady at 4-60. New crop August soft white also unchanged at 4-60 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein down four cents at mostly 5-30. DNS 14% protein down three at 6-78. No Portland barley bids. Cattle futures were mixed Tuesday. Profit taking was noted after many contracts hit new highs Monday. Firm beef prices were called supportive. Feeder contract premiums to the CME feeder index were negative for feeders. April live cattle up 20 cents at 94-40. April feeders up two cents at 106-02. April Class III milk down 13 cents at 12-55. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
