USDA report doesn't stop wheat's fall

Market Line March 11, 2011 The expectation from USDA’s supply and demand report for wheat yesterday was that ending stocks would be reduced slightly. Instead USDA reduced its export projection increasing U.S. ending stocks and wheat futures put in more double digit losses.

Gary Wagner with AG Strategies at the Board of Trade says outside factors didn’t help.

Wagner: “With the unsettled situation in North Africa and the Mid-East and an equity market, stock market that was getting hit hard, ultimately selling overwhelmed the market.”

On Thursday Chicago May wheat down 18 ¼ cents at 7-40 ½. July new crop off 18 ½ at 7-72 ½. May corn down 18 ¼ cents at 6-82 ¾. Portland soft white wheat ten to 25 cents lower at mostly 7-40. Club wheat premium at Portland mostly 17 cents. New crop August white wheat ten to 15 cents lower at 7-35 to 7-50. Hard red winter 11.5 percent 12 to 17 cents lower at mostly 8-58. DNS 14% protein 16 to 26 cents lower at 11-47.

Cattle futures were mostly lower Thursday. The general sell off in commodities was cited along with trader concern about the economy. There was some profit taking. Cash fed cattle did sell this week at a record high 118. April live cattle down 50 cents at 116-95. April feeders down 32 at 134-20. April Class III milk down 38 cents at 17-87 on lower cheese.

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

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