Big USDA report this week
Market Line March 29, 2010 This Wednesday traders will get lots of numbers from the USDA in the Planting Intentions report and Quarterly Grain Stocks report. Total U.S. wheat acreage may be down but traders are thinking good weather could still make for larger production. That along with current abundant wheat supplies has the market on the defensive and wheat futures closed lower Friday. Warmer drier weather is seen for this week in the hard red and northern soft red winter wheat and corn belt. But Drew Lerner of World Weather Inc. says it may not stay that way. Lerner: “The warm and dry weather bias that evolves is probably only going to be a temporary feature and we will probably fall back into a wet weather mode shortly there after.” On Friday Chicago May wheat was down 1 ¾ cents at 4-64 ¾. May corn was up 1 ¼ cents at 3-56 ¼. Portland soft white wheat steady to a nickel lower at mostly 4-62. New crop August soft white steady to a dime lower at 4-55 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein mixed at mostly 5-16. DNS 14% protein nine to 19 cents higher at mostly 6-88 as exporters try to draw limited old crop supplies from tight hands. No Portland barley bids. USDA reported Friday the hog inventory on March 1st was down three percent from last year with the breeding inventory down four percent. Cattle futures were mixed Friday. There was some short covering but analysts say prices overall seem to be on the defensive. While cattle supply numbers look friendly the question is demand. June live cattle down 55 cents at 91-57. May feeders down 72 cents at 108-15. May Class III milk up 20 cents at 13-28. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
