USDA wheat numbers neutral to bearish

Market Line Nov. 10, 2011 Wheat futures were mostly lower Wednesday, the exception being December spring wheat at Minneapolis. As Randy Martinson for Progressive Ag explains, USDA revised U.S. spring wheat production downward in reports issued yesterday.

Martinson: “We did see spring wheat production decline a little bit. The U.S. production dropped by about seven million bushels in this report, most of it coming out of North Dakota and Montana saw a little bit of a decrease.”

USDA dropped U.S. wheat ending stocks to 828 million bushels but that was less of a reduction than the trade expected.

Outside markets were bearish with concerns about European debt and a higher dollar.

On Wednesday Chicago December wheat down 14 cents at 6-43. December corn down 4 ½ cents at 6-56. Portland soft white wheat and club wheat seven to 13 cents lower at 6-22. Hard red winter 11.5 percent protein down 21 to 36 cents at mostly 7-75. DNS 14% protein a nickel to 20 cents lower at 10-18.

Cattle futures were mixed Wednesday. The lower stock market and higher dollar provided pressure, while ideas of firm cash fed cattle prices this week were supportive. December live cattle down 15 cents at 122-60. January feeders down 15 at 135-45. December Class III milk down 16 cents at 18-25.

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

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