USDA report pressure lingers

Market Line March 12, 2010 Wheat futures lost a few more cents Thursday with continued pressure from Wednesday’s bearish wheat ending stocks forecast of a billion bushels from USDA. Spillover pressure from soybeans was also cited on Chinese cancellations of soybean purchases. The weekly export sales report for wheat was at the higher end of expectations with 15 million bushels for the current marketing year.

Joe Victor of Allendale Incorporated says new crop hard red spring futures at Minneapolis need to be bid up to attract plantings this spring.

Victor: “What are we talking about. Where all the snow, all the moisture, all the flooding is expected to be and that is primarily, North Dakota and then South Dakota, Minnesota.”

On Friday Chicago May wheat was down 2 ¾ cents at 4-78 ¾. May corn down a quarter cent at 3-65 ¼. Portland soft white wheat steady to a nickel higher at mostly 4-60. New crop August soft white steady to a dime higher at 4-60 to 4-80. Club wheat premium $3.74. HRW 11.5 % protein down a penny at 5-22. DNS 14% protein steady to two cents lower at 6-73. No Portland barley bids.

Live cattle futures were mixed Thursday with feeder contracts mostly higher. Traders were waiting for the bulk of the cash fed trade. Spread unwinding was a feature for live contracts. April live cattle down a nickel at 93-82. April feeders up seven cents at 105-10. April Class III milk up 13 cents at 12-79.

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

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