Grains Cautious Before USDA Report Release

Grains Cautious Before USDA Report Release

I'm KayDee Gilkey with the Market Line Report for April 10, 2012.?

Wheat futures were lightly supported by mild short-covering on Monday ahead Tuesday morning’s release of USDA's report. Traders are anticipating a downtick in the old-crop carryover projection, but supplies are abundant domestically and globally.

From the floor of the CME, Greg Wagner from GWX Ag Advisors discusses the importance of USDA’s release of the World Agricultural Supply and Demand Estimate Report or WASDE.

Wagner: “The WASDE report is important because of the fact that it has elevated interest. Here is the question, ‘What is the USDA going to do to incorporate the increased usage, increased demand that was reflected in the last grain stocks report that was released on March 30th?’ That is for the second quarter of the marketing year. How is that going to flow into the demand balance sheet, the demand side of the ledger; ultimately cutting ending stocks.”

Chicago May Wheat ended Monday up 4 and 1/2 cents at 6-43. July new crop was up 2 and 3/4 cents at 6-49. May corn was down 9 and 1/4 cents at 6-49.

Portland prices for soft white wheat and club wheat were not fully established at mostly 7 even. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-47 and 7-62. DNS wheat with 14 pct protein prices were not fully established but ranged between 9-81 and 9-86.

June live cattle ended down a nickel at 115-78. May Feeder cattle were up 18 cents at 148-50. May class III milk was unchanged at 15-31.

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