USDA planted acres and grain stock numbers out today

Market Line June 30, 2010 Traders will be digesting USDA reports on planted acreage for spring crops and the quarterly grain stocks report ahead of today’s market opening. U.S. spring wheat acreage is expected to be lower than in the March Planting Intentions report.

On Tuesday wheat futures were lower with contracts caught up in a broad sell-off in equity and commodity markets. Outside market pressure included a higher dollar. Continued favorable harvest weather in the Plains was also cited though above normal precip could hit the hard red and soft red winter wheat areas next week.

On Tuesday Chicago September wheat down eight cents at 4-57. September corn down nine cents at 3-33 ¼. Portland soft white wheat two to three cents lower at mostly 4-55. New crop August soft white a few cents lower at 4-50 to 4-60. Club wheat premium mostly 75 cents. HRW 11.5 % protein August new crop down 11 cents at 4-79 to 4-87. DNS 14% protein for July at 6-14.

The lower stock market was blamed for lower cattle futures Tuesday. Traders are worried about a weak economy and what that may do to consumer beef demand. A higher dollar was also negative. Some cash fed sales were reported at 90 dollars, down a dollar from last week. August live cattle down 92 cents at 88-75. August feeders down 110 at 112-87. August Class III milk up 21 cents at 13-87. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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