USDA report this week

Market Line June 6, 2011 The USDA updates its estimates for crop production and supply and demand later this week, something traders will be looking forward to. Friday wheat futures were moderately higher, however July Minneapolis was up over 40 cents as shorts moved to get out of their position on spring wheat planting delays. The soft red winter wheat crop is seeing better weather. The hard red winter wheat harvest is moving into Oklahoma.

Rain for France was a negative but Charles Nedoss of Olympus Futures at the CME says;

Nedoss: “Some of the recent rains in Europe came a little too late to help the wheat crop but should help the maize crop there.”

Weekly export sales for wheat were within trade expectations.

On Friday Chicago July wheat up four cents at 7-73 and ¾. July corn down 12 ½ cents at 7-54. Portland soft white wheat steady to down a dime at mostly 7-95. Portland club wheat 7-95. New crop August white wheat steady to a nickel lower at 7-95 to $8. Hard red winter 11.5 percent protein ten to twenty cents higher at 9-69. DNS 14% protein up seven cents at 12-57.

Cattle futures were higher Friday. The weak employment report pressured contracts early but then there was news of cash fed sales of 105 dollars. That prompted short covering. Cumulative beef export sales for this year are running 31 percent above a year ago. August live cattle up 142 at 105-10. August feeders up 37 at 124-35. July Class III milk up a nickel at 20 dollars.

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

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