Looking for USDA Report Results

Looking for USDA Report Results

I'm KayDee Gilkey with the Market Line Report for March 9, 2012.

The USDA’s Supply and Demand Report is released this morning and traders expect to see higher exports and lower ending stocks for the US in the update. Additionally, market watchers expect to see a slight decline from record high world wheat stocks reported last month.

From the floor of the CME, Greg Wagner of GWX Ag Advisors shares his observation’s of Thursday’s markets.

Wagner: “Week-to-date we are going into this report Friday, March 9 and we’ve got July corn down 31 and 1/2 cents on the week. July wheat contract here in Chicago that soft red winter wheat contract is off 40 cents this week so far. So corn and wheat have breached technical support levels and soybeans are overbought. We’ll see what the USDA comes out with and we’ll run with that.”

Chicago May Wheat ended Thursday down 4 and 1/2 cents at 6-34 and 3/4. July new crop was down 4 and 3/4 cents at 6-45 and 3/4. May corn was up 3 and 1/4 cents at 6-35 and 1/2.

Portland prices for soft white wheat and club wheat were down a nickel to 13 cents at mostly 7-05. Hard Red Winter Wheat with 11.5 pct protein was down a penny to 6 cents at mostly 7-61. DNS wheat with 14 pct protein was down a nickel at mostly 9-49.

April live cattle were up $1.08 at 126-65. April Feeder cattle were up $1.05 at 157-48. April class III milk was up 15 cents at 15-24.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.