Big report day

Market Line August 11, 2011 USDA’s August crop production and supply and demand reports are out this morning and traders will see how those numbers match with pre-report estimates.

Wheat futures closed higher Wednesday on short covering and positioning ahead of this morning’s reports. Saudi Arabia issued a big tender for wheat but Peter McMahan of La Salle Street News at the CME says;

McMahan: “It appears as though Russia will be the seller of that wheat to Saudi Arabia. Russia has continued to raise their export and production estimate throughout the summer.”

Some rain across the parched southern plains wheat belt was seen as negative but traders say much more moisture is needed for winter wheat planting there.

On Wednesday Chicago September wheat up 13 ¼ cents at 6-85. September corn down a quarter cent at 6-78. Portland soft white wheat and club wheat five to ten cents higher at mostly 6-90. Hard red winter 11.5 percent protein up 22 cents at 8-21. DNS 14% protein up 20 cents at 9-63.

Cattle futures were mixed Wednesday. Better boxed beef prices were seen as supportive but the lower stock markets around the globe raised concerns about the economy and consumer demand. October live cattle down 37 at 117-45. October feeders up 20 at 135-90. September Class III milk down 30 cents at 19-87.

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

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