USDA reports this morning

Market Line June 9, 2011 Traders get the monthly crop production and supply and demand updates from USDA this morning. One reason cited for higher wheat contracts yesterday was the expectation by traders that USDA will reduce U.S. wheat production in the report and lower ending stocks.

Dan Haugh of PTI Securities at the CME says expectations for tight old crop corn supplies helped too.

Haugh: “July corn was up limit for a while and when July corn was up limit it dragged the whole complex up. So we had a relatively strong day in the entire grain complex. We did sell off a little bit at the close but still finished strong as you can tell by the numbers.”

The weekly export sales report is also out this morning.

On Wednesday Chicago July wheat up 14 ¼ cents at 7-48. July corn up 27 ½ cents at 7-64. Portland soft white wheat steady to 12 cents higher at mostly 7-81. Club wheat 7-81. New crop August white wheat two to five cents lower at 7-70 to 7-93. Hard red winter 11.5 percent protein up a dime at 9-40. DNS 14% protein 24 to 34 cents higher at 12-45.

Live cattle futures closed higher Wednesday with feeders lower. Cash cattle have sold one to two dollars higher this week and that was seen as offering support. Big gains in hog futures for two days was also called helpful. August live cattle up a dime at 104-55. August feeders down 32 at 124-80. July Class III milk up 45 cents at 19-87.

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

Now this.