USDA report today

Market Line May 11, 2011 Updated supply and demand reports and an estimate of 2011 U.S. winter wheat production are being issued by the USDA this morning. Matthew Pierce of GrainAnalyst.com is expecting some bullish wheat numbers.

Pierce: “The bullish side should be the spring wheat number as well as HRW numbers. The production number for HRW is expected to be only 50-million bushels below but I believe that is overstating the total production by at least 100 million right now with Texas and Oklahoma showing serious declines over the past couple of weeks.”

Heading into the USDA numbers wheat futures were higher Tuesday with the dry southern plains, wet northern plains and Canada, and dryness in Europe and Western Australia all positive for prices.

On Tuesday Chicago July wheat up 8 ¼ cents at 7-98 ¾. July corn down a ¼ cent at 7-07 ¼. Portland soft white wheat ten to 15 cents higher at mostly 7-85. Club wheat premium at Portland mostly 13 cents. New crop August white wheat steady to 15 cents higher at 7-80 to 7-95. Hard red winter 11.5 percent protein up 14 cents at 9-70. DNS 14% protein one to 11 cents lower at mostly 12-29.

Cattle futures were mostly higher Tuesday. Higher boxed beef prices and better beef demand weather were supportive. Traders still think cash fed cattle will trade lower this week though. Short covering was also cited. June live cattle up 17 cents at 109-17. August feeders up seven at 132-37. June Class III milk up 11 cents at 17-38.

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

Now this.