Traders get USDA numbers

Market Line September 12, 2011 Futures traders will be getting a lot of data to digest today. Peter McMahan of LaSalle Street News at the CME explains.

McMahan: “We have crop production coming out. We have the USDA WASDE report coming out. We have export inspections and we also have the USDA crop progress reports.”

Traders will be focusing especially on the U.S. corn production number. There is an expectation wheat ending stocks might drop a little due to increased feeding.

Wheat futures were lower Friday heading into the USDA reports this morning. A surge higher in the U.S. dollar due to European debt concerns put pressure on wheat. There was also some talk of rain for the dry southern U.S. plains.

Wheat export sales were above expectations.

On Friday Chicago December wheat down 8 ¼ cents at 7-29 ¾. December corn up 2 ½ cents at 7-36 ½. Portland soft white wheat and club wheat mixed at mostly 7-01. Hard red winter 11.5 percent protein down 13 cents at 8-71. DNS 14% protein down a penny at 9-98.

Cattle futures were mixed Friday. World economic news made traders cautious ahead of the weekend and there was some profit taking. Cash fed cattle did trade Friday higher than expected at 118. July beef exports were up 33 percent from a year ago. October live cattle down 37 cents at 118-45. October feeders down 80 at 134-85. October Class III milk down 12 cents at 18-27.

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

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