USDA reports today

Market Line Oct. 12 , 2011 Traders get USDA’s monthly crop production and supply and demand reports this morning and Dan Cekander with New Edge at the CME grain floor says;

Cekander: “Those reports will set the tone for the grain trade here for the next month or two.”

Heading into the reports Tuesday grain futures were sharply higher with corn limit up on talk of possible Chinese purchases. That helped wheat which also jumped on talk in Russia that the fast pace of its exports could prompt export tariffs.

USDA says 59 percent of the winter wheat crop has been planted versus the five year average of 67 percent. The corn harvest is 33 percent complete, a point ahead of average.

On Tuesday Chicago December wheat up 49 ¼ cents at 6-60 ¾. December corn limit up 40 cents at 6-45. Portland soft white wheat and club wheat three to ten cents higher at mostly 6-36. Hard red winter 11.5 percent protein up 44 cents at 7-93. DNS 14% protein up 19 cents at 10-26.

Live cattle futures were higher Tuesday with feeders mixed. Gains in other ag commodities were said to provide a positive tone for cattle and traders are thinking tight supplies could mean steady to higher cash fed cattle this week. December live cattle up 127 at 121-62. November feeders unchanged at 143-12. November Class III milk down nine cents at 17-10.

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

Now this.