Supply and demand update this week
Market Line March 7, 2011 USDA will issue its March supply and demand reports this Thursday but what the grain trade is really waiting for is the planting intentions report at the end of March. On Friday wheat futures were higher getting support from the continued dry outlook for the southern Plains wheat belt. There were negatives such as weakness in corn, weakness in equities, talk of a record Indian wheat crop and thoughts the Ukraine winter wheat crop is doing well. On Friday Chicago May wheat up 8 ¾ cents at 8-32 ¼. July new crop up seven cents at 8-60. May corn down 8 ¾ cents at 7-28. Portland soft white wheat steady at mostly 7-75. Club wheat premium at Portland mostly 17 cents. New crop August white wheat steady to a dime higher at 7-95 to $8. Hard red winter 11.5 percent up 11 cents at 9-46. DNS 14% protein 13 to 28 cents higher at mostly 12-31. Cattle futures mixed Friday. Analysts said the rise in oil prices and the consequent impact on consumers was negative and many traders took profits ahead of the weekend. Boxed beef was higher Friday and there are some thoughts cash fed cattle could be higher this week. April live cattle down 15 cents at 114-05. April feeders down 25 at 131-82. April Class III milk up 13 cents at 18-43. Canada has confirmed its 19th case of BSE. It was a 77-month old cow. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
