USDA acreage report out this week
Market Line March 28, 2011 A major report will be out this Thursday from USDA, the Prospective Plantings report, indicating just how much of what spring crops farmers may plant. Prosacki: “That’s highly anticipated. Already getting phone calls about what’s going on.” Joe Prosacki with USDA’s National Agricultural Statistics Service. Futures traders are awaiting the report to see if the market needs to “buy” more acres of a crop through higher prices. Friday wheat futures were mixed. Negatives were a stronger dollar, lower corn, despite a major sale to unknown destinations thought to be China, and profit taking. By the way, China did show up in last week’s export sales report for wheat, which included the purchase of 20-thousand metric tons of soft white. On Friday Chicago May wheat down 6 ½ cents at 7-33 ¼. July new crop down six cents at 7-68 ¾. May corn down 13 cents at 6-89 ½. Portland soft white wheat for April steady to a nickel higher at mostly 7-15 to 7-20. No club wheat bid. New crop August white wheat steady to a nickel higher at 7-20. Hard red winter 11.5 percent protein two cents higher at 8-92. DNS 14% protein down two cents at 11-49. Cattle futures soared Friday. Traders are thinking cash fed cattle will be steady to higher this week. There are also thoughts that the problems in Japan will lead to more meat imports by that nation increasing demand for U.S. beef. June live cattle up 297 at 117-75. May feeders up 297 at 137-05. May Class III milk up 52 cents at 17-22 on a more positive tone in the cheese market. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
