09/11/06 Awaiting USDA numbers again

Marketline September 11, 2006 USDA issues its monthly crop production and supply and demand reports tomorrow morning and Friday wheat futures were lower as there was some positioning ahead of the report. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, thinks we'll see more choppy positioning today. Hoops: "Looking for an increase in the corn and soybean crops from last month. I think with the larges crops coming, 11 billion bushel corn and over 3 billion beans, corn and beans are going to have a real struggle here trying to mount a rally as we get some harvest pressure in the later part of September. Wheat will struggle I believe also, as it will be a follower of corn and beans." There were unconfirmed reports Friday that India did not purchase any U.S. wheat in its tender. Improving soil moisture in the Plains and forecasts for some moisture in western Australia were also negative. On Friday, December Chicago wheat was down 4 ¾ cents at 4-15 ½. December corn up a ¼ at 2-46. Portland cash soft white wheat one to four cents higher at mostly 4-18. Club wheat 4-53. HRW 11.5 percent protein down four cents at 5-37. Dark northern spring 14% protein three to six cents lower at 5-47. No Portland barley bids. Cattle futures were lower Friday despite the news of a partial resumption of beef trade with South Korea. Lack of cash fed activity was a negative and the Korean news was already factored in the market. Rolling contracts forward from October to December was also a feature. Oct live cattle down 82 cents at 92-18. Oct feeders down 65 at 118-22. Oct Class III milk down 34 cents at 12-29. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.