Market gets USDA reports this morning

Market Line Nov. 9, 2011 The first thing for traders this morning is to digest USDA’s November crop production and supply and demand reports. Corn numbers will get a lot of attention. Traders are looking for U.S. wheat ending stocks to decline from last month.

Tuesday saw wheat futures post double digit gains heading into the reports. A weaker dollar and strength in other grains were cited.

USDA reports 94 percent of the U.S. winter wheat crop has been planted with emergence close to average at 76 percent. For the latest condition rating of the crop USDA meteorologist Brad Rippey says compared to last week;

Rippey: “The amount of good to excellent wheat is up three points to 49%.”

But two percent more of the crop dropped down into the very poor to poor category too.

On Tuesday Chicago December wheat up 18 ¼ cents at 6-57. December corn up 7 ¼ cents at 6-60 ½. Portland soft white wheat and club wheat up three cents at mostly 6-29. Hard red winter 11.5 percent protein up 14 cents at 8-04. DNS 14% protein 17 cents higher at 10-28.

A lack of direction so far this week from the cash fed market was seen as negative for cattle futures Tuesday and they closed lower. The turn around in the stock market and lower dollar didn’t help. December live cattle down 65 cents at 122-75. January feeders down 127 at 145-50. December Class III milk up 18 cents at 18-41.

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

Now this.