All Eyes on Thursday's USDA Report

All Eyes Looking Towards Thursday’s USDA Report
I'm KayDee Gilkey with the Market Line Report for January 11, 2012.

As as we look at the grain markets all eyes are on the USDA Report says Todd Horwitz from Adam Mesh Trading Group.

Horwitz: “All indications are we are going to have some bullish numbers as corn, soybeans and wheat have all rallied off their December lows. We look to be at resistance levels now. Traders are looking for a very bullish report as we hang near these tops. What we are looking to see is what the actual market expectation is in the market. If report exceeds expectations look for a blow-off rally -- could be in the $7 corn and $7 wheat. If the report is a disappointment look for drastic pull back down to $6 corn and $6 wheat but we will be watching this report. This will have a big determination. Traders right now are extremely bullish as we can see by the tape. As we look forward to it, let’s see what happens with the crop report.”

March corn was unchanged at 6-52. March Wheat ended Tuesday down 2 cents at 6-39 3/4.

Portland prices for soft white wheat and club wheat were unchanged at mostly 6-25. Hard Red Winter Wheat with 11.5 pct protein was unchanged at mostly 7-51. DNS wheat with 14 pct protein was up 3 cents at mostly 9-31.

February cattle closed sharply higher on the session up 1-25 at 121-20. March feeder cattle were up 1-68 at 151-43. February class III milk was down 6 cents at 17-34.

I'm KayDee Gilkey and that's Market Line on Northwest Aginformation Network. Now this.