Crop production report this week

Market Line August 8, 2011 USDA issues its August crop production and supply and demand reports this Thursday. Dan Smith of Top Third Ag Marketing at the CME says traders will be focusing on that particularly for corn.

Smith: “Traders are going to anxiously look for the crop prediction from the USDA and they are also going to look for the revision of the four states in question, which are Montana, North and South Dakota and Minnesota, to see if they are going to report more prevent plant acres than they originally did on their initial report.”

Friday wheat futures were lower at Chicago and higher at Kansas City and Minneapolis. Iraq purchased 100-thousand metric tons of U.S. wheat and also 50-thousand from Russia. There was also more talk about rain at harvest in Europe.

On Friday Chicago September wheat down 2 ¾ cents at 6-79. September corn down ¾ of a cent at 6-93. Portland soft white wheat and club wheat steady to a nickel lower at mostly 6-90. Hard red winter 11.5 percent protein nine to 14 cents higher at 8-10. DNS 14% protein up a nickel to down 20 cents at mostly 9-63.

Cattle futures were higher Friday. A better than expected U.S. unemployment report and cash market optimism were supportive. Cash cattle did sell in the southern Plains several dollars higher than the previous week at 113. October live cattle up 92 cents at 118-60. October feeders up 87 at 134-97. September Class III milk up 19 cents at 20-35.

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

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