Wheat futures up ahead of USDA report

Tuesday Nov 9th, 2010 27 Views

Market Line November 9, 2010 Wheat futures saw modest gains Monday. This morning is USDA’s monthly crop production and supply and demand reports and traders were positioning for those numbers in yesterday’s trading.

Dryness in parts of the U.S. winter wheat belt continues to offer support.

The weekly export inspections report showed only 15.5 million bushels of wheat, which was down from last week and under the 25.5 million needed weekly to meet USDA projections.

In this mornings USDA reports analysts are not looking for much change in U.S. wheat ending stocks and for just a small adjustment downward in world wheat stocks.

On Monday Chicago December wheat up 7 ½ cents at 7-36 ¼. December corn down 2 ½ cents at 5-85 ¼. Portland soft white wheat steady at mostly 6-50 on limited bids. Club wheat premium mostly 17 cents. No hard red winter wheat bids. DNS 14 percent protein up seven cents at 9-49.

Cattle futures were higher Monday. A move above the 100-day moving average for December live cattle sparked buying. Firming boxed beef prices also offered some optimism. December live cattle up 85 cents at 98-40. January feeders up 85 at 111-62. December Class III milk down 24 cents at 13-32, again on lower cheese prices.

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

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