New USDA supply and demand numbers

Market Line Nov. 7, 2011 USDA will issue the November crop production report Wednesday which will be important for row crops and then also a supply and demand report with updates for all grains. Traders are expected to be positioning for the reports this week.

On Friday wheat futures were mixed. U.S. dollar strength was negative as are forecasts for rain in the U.S. plains. There is also a lot of chatter about Australia having a big wheat crop of 26 million metric tons much of will be heading onto the world market as harvest is beginning down under providing additional competition for U.S. exports.

On Friday Chicago December wheat up ¾ of a cent at 6-36 ¾. December corn up 2 ¼ cents at 6-55 ¾. Portland soft white wheat and club wheat steady to fifteen cents lower at mostly 6-23. Hard red winter 11.5 percent protein down two cents at 7-83. DNS 14% protein up four cents at 10-24.

Cattle futures were mixed Friday. Profit taking was cited after last weeks strength. Outside markets also brought pressure with the dollar higher and stock market lower. Ideas are that cash fed cattle will trade steady this week. December live cattle unchanged at 124-50. January feeders unchanged at 147-40. December Class III milk down 13 cents at 18-22.

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

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