USDA monthly reports tomorrow

Market Line November 8, 2010 Traders will be getting a new crop production and supply and demand report from USDA tomorrow morning. Normally the November report would not update production for small grains but because of the late harvest USDA’s Bange says there could be changes in the PNW.

Bange: “Notably barley, oats and spring wheat. So it is possible we will get something different from them this month. So we have to take a look at that too. We have to take a look at every number that comes out of the National Agricultural Statistics Service. And because of the late harvest last year it is our understanding NASS is taking another look at those numbers to see what the actual production was in that area of the country.”

On Friday futures were sharply higher despite a stronger dollar as traders were said to focus on continued dryness in the Plains hard red winter wheat belt.

On Friday Chicago December wheat up 15 cents at 7-28 ¾. December corn down 2 ¼ cents at 5-87 ¾. Portland soft white wheat steady at mostly 6-50 on limited bids. Club wheat premium mostly 13 cents. Dark Northern Spring wheat 14 percent protein mostly 9-42.

Cattle futures closed mixed Friday. Cash markets were weak last week and technical selling was cited as a feature. A good employment report Friday was viewed as positive as it could lead to increased demand. December live cattle down a dime at 97-55. January feeders up 37 cents at 110-37. December Class III milk down 73 cents at 13-56 on lower cheese and butter prices.

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

Now this.