USDA reports this morning

Market Line October 8, 2010 USDA crop production and supply and demand reports will get the initial attention of futures traders this morning. One focus will be corn numbers given USDA’s surprisingly high corn stocks number in a report last week.

There was some positioning for the reports Thursday with wheat futures posting small gains. Weekly export sales for wheat came in above trade expectations. Egypt and Nigeria were the main destinations. White shipments are nearly 61 million bushels compared to 52 million a year ago at this time. Ukraine announced its export quotas. A lower dollar helped futures early but then turned higher which triggered some selling.

On Thursday Chicago December wheat up a penny at 6-59 ¼. December corn up 9 ¾ cents at 4-98 ¼. Portland soft white wheat still steady at mostly 5-92 with some exporters not bidding. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat up 1 ¼ cents at 7-06 ½.

Live cattle futures were mixed Thursday with feeders mostly lower. There were thoughts the cash beef market may be near a bottom. Higher corn was good for live cattle, negative for feeder contracts. Cash fed cattle sold mostly at 95 dollars this week. December live cattle up two cents at 97-10. November feeders down 27 at 108-97. November Class III milk down a penny at 16-23.

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

Now this.