USDA reports record world grain crops

Marketline December 12, 2011 Some commentators say wheat futures faired pretty well Friday given the bearish numbers in USDA’s supply and demand reports. James Barnett of the Contrarian’s Dilemma at the CME highlights some of those.

Barnett: "They increased supplies for a number of commodities. They increased U.S. wheat ending stocks by 50-million bushels and in the global S&D they increased the size of the crops for Australia, Argentina and for Canada."

In fact USDA says world wheat and corn production set records this year. U.S. export prospects for hard red spring wheat were unchanged but they were lowered for soft white, soft red and hard red winter.

On Friday March Chicago wheat was down a penny at 5-96. March corn down six cents at 5-94 1/4. Portland cash white wheat and club wheat down a nickel at mostly 5-85. HRW 11.5 percent protein mixed at mostly 7-15. Dark northern spring 14% protein up six cents at 9-67.

Cattle futures were down Friday as cash fed cattle sold four to six dollars lower than the previous week at 120 in the southern plains. . Boxed beef values were also lower. Feb live cattle down 115 at 118-30. Jan feeders down 37 cents at 142-10. Jan Class III milk down 39 cents at 16-86.

I’m Bob Hoff and that’s Marketline on Northwest Aginfo Net. Now this.