All Awaiting Results of Today's USDA Report

All Awaiting Results of Today’s USDA Report
I'm KayDee Gilkey with the Market Line Report for January 12, 2012.

This morning at 7:30 eastern time the USDA is releasing the much anticipated crop data.

Dan Cekander from Newedge shares markets came under a little pressure Wednesday due to wetter than expected weather in South America overnight.

Cekander: “We’ve got big USDA reports tomorrow. We’ve got the December 1 corn stocks report final production, U.S. supply and demand -- a lot of data to adjust to. Certainly the expectation is it is going to be a bullish corn report. That is one reason why the corn held up as well as it did today on the idea that USDA might significantly lower the U.S. corn production -- maybe 100 to 200 million bushels. Certainly there is an underlaying bullish expectation behind that report.”

March corn was down 1/2 cents at 6-52 3/4. March Wheat ended Wednesday up 1 and 1/4 cents at 6-41.

Portland prices for soft white wheat and club wheat were again unchanged at mostly 6-25. Hard Red Winter Wheat with 11.5 pct protein was at 7-39 to 7-51. DNS wheat with 14 pct protein was at 9-30 to 9-35.

February live cattle were up 13 cents at 121-33. March feeder cattle were down 55 cents at 150-88. February class III milk was up 12 cents at 17-46.

I'm KayDee Gilkey on the Northwest Ag Information Network. Now this.