USDA report today; more record cattle prices

Market Line March 31, 2011 Wheat futures closed lower Wednesday ahead of this morning’s reports from the USDA. Those will cover farmers’ planting intentions for spring wheat, corn and soybeans and Terry Rogensack of the Hightower Report says;

Rogensack: “If we don’t have major negative surprises it looks like the grain markets could start up again after these reports come out.”

Yesterday weakness in corn and positioning ahead of the USDA numbers put pressure on wheat which got support from plains weather and exporters reporting the sale of 150-thousand metric tons of U.S. hard red winter wheat to unknown destinations.

On Wednesday Chicago May wheat down a dime at 7-27 ¼. July new crop down 9 ½ cents at 7-63 ¼. May corn down 8 ½ cents at 6-63 ¼. Portland soft white wheat for April steady at 7-15 to 7-30. No club wheat bid. New crop August white wheat steady at 7-25 to 7-30. Hard red winter 11.5 percent protein down a nickel at mostly 8-99. DNS 14% protein two to seven cents lower at 11-61.

Cattle futures hit some new all time highs Wednesday as cash fed cattle in the plains have sold for record high prices this week of $1.20 to $1.21 a pound. Analysts say the cash prices reflect strong global demand on shrinking meat supplies and the beginning of the barbeque season in the south. June live cattle up 167 at 119-57. May feeders up 122 at 138-80. May Class III milk down 21 cents at 16-63.

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

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