USDA Report Controls the Markets

USDA Report Controls the Markets

I'm KayDee Gilkey with the Market Line Report for August 10, 2012.?
Chicago September wheat traded sharply higher into the close Thursday and posted a new weekly high for the move. The wheat market was supported by a stronger corn market and on thoughts that the USDA will revise Black Sea production and global wheat ending stocks lower on Friday's report. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “Course, all trade right now and this weekend probably next week about the August crop report that is out tomorrow morning at 7:30 a.m. Chicago time. We are looking for a corn right now average estimates for crop size 10.97 billion bushels, yield there right looking at 1.26 bushels per acre down from 146 in the July report.”

Chicago September Wheat ended Thursday up 13 and 3/4 cents at 9-13. September corn ended the day up 7 and 1/2 cent at 8-18 and 1/4.

Portland prices for soft white wheat and club wheat were up 6 to 10 at mostly 8-97. Hard Red Winter Wheat with 11.5 pct protein prices were up 11 cents at mostly 9-63. DNS wheat with 14 pct protein prices were up 13 to 15 cents at mostly 10-10.

October live cattle ended Thursday up a dime cents at 125-78. September Feeder cattle were down 83 cents at 139-48. September class III milk was unchanged at 19-25.

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