05/11/06 Grains await major USDA report

Marketline May 11, 2006 Wheat futures were steady to lower Wednesday getting some pressure from a Canadian report showing wheat stocks on the high side of expectations. Patchy frost in the western Plains is not expected to do much damage. Tomorrow morning the USDA issues a winter wheat production estimate and new supply and demand numbers and Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange doesn't think USDA's numbers will provide any bullish momentum for wheat. Chiodo: "We are awfully high on the board. We are up against the contract h highs in the wheat here and I suspect the surprise in the market, if there is one, will be to the downside." Chiodo expects a slow trade today ahead of the reports. On Wednesday July Chicago wheat was down a ¼ cent at 3-84 ½. July corn up two at 2-40. Portland cash white wheat steady to two cents higher at mostly 3-76. August new crop unchanged to up two at 3-90. Club wheat mostly 3-86. HRW 11.5 percent protein lower at 5-18. Dark northern spring 14% protein unchanged at 5-69. No Portland barley bids. Cattle futures were higher Wednesday with technical buying helping. Traders are waiting for southern Plains fed cattle to trade. Some dressed sales in Nebraska were reported a dollar lower than last week. June live cattle up 22 cents at 75-10. Aug feeders up 50 at 103-93. June Class III milk unchanged at 10-82. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.