Grain Stocks report today

Market Line September 30, 2010 The USDA will issue a quarterly grain stocks report this morning and traders are looking for the wheat number to be up from a year ago. There will also be a Small Grains Summary with updated acreage and yield for wheat and other grains as well as wheat production by class.

On Wednesday wheat futures were mixed. Traders pointed to pressure coming from improved crop conditions around the world. Position squaring for the end of the month and for the USDA reports were also noted. Wheat got some help late from a rally in corn and a weaker dollar.

National Australia Bank has an Australian wheat crop estimate out somewhat less than the official government forecast. It thinks the government is over estimating acreage.

On Wednesday Chicago December wheat down 1 ¼ cents at 6-83 ½. December corn up a nickel at 5-05. Portland soft white wheat down a dime at mostly 6-15. Club wheat premium mostly 25 cents. No Portland red wheat bids. Minneapolis December spring wheat down ¾ of a cent at 7-24.

Cattle futures were lower Wednesday with both live and feeder contracts feeling pressure from cash fed cattle sales lower than last week at 96 to 97 dollars. Traders began the week expecting at least steady prices. Packers were also operating in the red. December live cattle down 72 cents at 98-57. November feeders down 80 at 109-80. November Class III milk up four cents at 15-74.

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

Now this.