Trade gets USDA numbers

Market Line September 30, 2011 This morning USDA issues the Quarterly Grains Stocks report and the Small Grains Summary. Traders will see if their pre-report expectations are met or they get a surprise.

Wheat futures were higher Thursday in part on thoughts the reports will be positive for wheat. Weekly exports for wheat came in yesterday at the low end of expectations.

George Kopp of International Futures Group points out where Chicago wheat is and what wheat faces.

Kopp: “December wheat is at its lowest level since July of last year. Black Sea origin wheat is undercutting out U.S. wheat prices.”

And yesterday is was learned that Egypt again purchased Russian and Kazakhstan wheat.

On Thursday Chicago December wheat up 15 ½ cents at 6-54 ¼. December corn up 1 ¾ cents at 6-32 ½. First half October Portland soft white wheat and club wheat four to five cents higher at mostly 6-43. Hard red winter 11.5 percent protein up 13 cents at 7-95. DNS 14% protein 12 to 34 cents higher at mostly 10-24.

Cattle futures were mixed Thursday. The strong stock market was cited and traders were still waiting for cash market developments which they still think will bring higher fed cattle prices. Boxed beef was higher. December live cattle up 40 cents at 121-25. November feeders down two cents at 141-90. November Class III milk up 34 cents at 16-98.

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

Now this.