USDA report tomorrow

Market Line June 9, 2010 Wheat futures were mixed in a choppy trade Tuesday. Traders said a mixed dollar helped take some pressure off of wheat.

Rain could interrupt the hard red winter wheat harvest which is moving up into Kansas. There is also rain in store for the soft red winter wheat belt where more moisture is not welcome. Wet weather is also reported to be a problem in Canada for getting spring wheat seeding there completed.

Tomorrow USDA issues its monthly reports which will include an updated estimate of the U.S. winter wheat crop. USDA Outlook Board Chairman Gerry Bange sums up the upcoming reports this way;

Bange: “The bottom line of course turns out to be what the ending stocks situation is likely to look like at the end of the year.” And along with that some estimate of what we think prices are going to do for the forthcoming year.”

On Tuesday Chicago July wheat was unchanged at 4-32 ¼. July corn up 1 ½ cents at 3-37 ¼. Portland soft white wheat down a nickel at 4-46. New crop August soft white down three to five cents at 4-40 to 4-45. Club wheat premium mostly 75 cents. HRW 11.5 % protein steady to six cents lower at mostly 4-89. DNS 14% protein up three cents at 6-17. No Portland barley bids.

Cattle futures were mixed Tuesday with nearby months the strongest. Expectations for a lower cash fed cattle trade this week along with declining boxed beef prices were cited. August live cattle up a dime at 87-82. August feeders up 45 at 108-85. July Class III milk up two cents at 13-26.

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

Now this.