USDA report this week

Market Line January 10, 2010 Grain traders will get a USDA report this Wednesday morning that will include an estimate of planted winter wheat acres in the U.S.

Friday wheat futures had double digit losses again. Fund liquidation was mentioned as was concern that index funds would be active sellers this week.

Going into the weekend the weather forecasts called for snow ahead of some frigid temperatures expected in the hard red winter wheat belt.

Dry weather in China has been getting some mention with one commentary noting one-third of the country’s wheat crop hasn’t had rains since early October.

After the close Friday Egypt announced a wheat tender which included soft white.

On Friday Chicago March wheat down 15 cents at 7-74. March corn down seven cents at 5-95. Despite two days of lower futures cash Portland soft white wheat, by rail only, has been holding steady at mostly 7-65 with the club wheat premium mostly 17 cents. New crop August white wheat mixed at 7-06 to 7-55. Hard red winter 11.5 percent protein down 13 cents at 8-36.

DNS 14% protein down 13 cents at 10-24.

Cattle futures were lower Friday. A drop in boxed beef prices raised concerns about fed cash cattle prices this week and in the near future as packers reduce slaughter to improve beef prices. Feeder contracts followed live cattle despite lower corn. February live cattle down 35 cents at 106-37. March feeders down 32 at 122-75. February Class III milk up 27 cents at 14-15.

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

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