USDA report not friendly for wheat
Market Line June 10, 2011 Wheat futures were higher early in the trading session on Thursday getting help from corn but they then turned down and closed lower. In its report USDA reduced U.S. wheat ending stocks for both old and new crop but not as much as traders expected. World carry out was increased and total U.S. wheat production at just over two-billion bushels was higher than expected. Charles Soule of Country Hedging sees the wheat production number decreasing because spring wheat acres are probably less than USDA has estimated. Soule: “We were hearing from people in northwestern North Dakota and into Montana that they would keep planting through the 15th, the 20th. I think with the rain they got earlier this week, I don‘t think that is going to happen.” On Thursday Chicago July wheat down three cents at 7-45. July corn up 21 ½ cents at 7-85 ½. Portland soft white wheat and club wheat steady at mostly 7-81. New crop August white wheat down a penny to up a dime at 7-80 to 7-92. Hard red winter 11.5 percent protein nine to 14 cents lower at 9-30. DNS 14% protein five to ten cents lower at mostly 12-37. Cattle futures were higher Thursday with the strongest gains in deferred live contracts on ideas a smaller U.S. corn crop will mean lower cattle weights and reduced cattle numbers. Cash fed cattle have sold higher this week with the latest sales up to 107-50. August live cattle up 87 cents at 105-42. August feeders up 52 at 125-32. July Class III milk down a dime at 19-77. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
