Winter wheat forecast tomorrow

Market Line May 10, 2010 USDA issues its first estimate of this year’s winter wheat production tomorrow morning. Wheat futures were steady to mostly higher Friday. Traders said short covering ahead of the weekend and a lower dollar provided support for wheat. So did a weekend warning of frost in the Plains.

The Wheat Quality Council finished its Kansas Wheat Tour last week and Bill Spiegel of the Kansas Wheat Commission says expected winter wheat yields are little changed from last year.

Spiegel: “The average is about 40.3 bushels per acre. So, last year‘s was 40.6 so it kind of looks like we are kind of duplicating last year a little bit.”

On Friday Chicago July wheat was up 2 ¼ cents at 5-10 ½. July corn up ¾ of a cent at 3-72. Portland soft white wheat steady to four cents higher at mostly 4-80. New crop August soft white mixed at 4-84 to 4-90. Club wheat premium mostly $1.50. HRW 11.5 % protein one to four cents lower at 5-50. DNS 14% protein five to ten cents higher at mostly 6-80. No Portland barley bids.

Live cattle futures were mixed Friday. There was strength in nearby months on last week’s good cash market and boxed beef prices but concerns about the economy and consumer demand down the road pressured deferred contracts. April’s unemployment numbers rose from March. Feeder contracts were lower. June live cattle up a nickel at 95-90. August feeders down 65 at 114-87. June Class III milk up 26 cents at 13-24.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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