01/12/07 Major USDA reports today

Marketline January 12, 2007 Surprises or lack of them from USDA reports are what could give grain markets direction today. Before trade opens USDA puts out winter wheat seedings, quarterly grain stocks, supply and demand and final corn production numbers. Not only do traders have all that data to digest, Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says the markets are closed Monday for the Martin Luther King Jr. Holiday. Chiodo: "But that is going to be a big item. You going to have a three-day weekend here and if you have a surprising report one way or the other and doesn't trade back and forth both sides and catches some people, Monday night and Tuesday could be exciting also." Wheat futures were higher Thursday thanks again in part to big gains for corn. Weekly export inspections for wheat were at the lower end of trade expectations. On Thursday Chicago March wheat was up seven cents at 4-56 ½. March corn up 16 ¼ at 3-76 ½. Portland cash soft white wheat up four cents at mostly 4-86. Club wheat 4-86. HRW 11.5 percent protein higher by 11-15 cents at 5-54. Dark northern spring 14% protein 13-15 cents higher at 5-59. Barley at the coast 169 dollars a ton. Cattle futures were lower Thursday. Rolling of February longs into April was a central feature in the live pit. Packers had yet to buy many cattle this week. Feeder contracts were pressured by the big jump in corn futures. Feb live cattle down 35 cents at 93-60. March feeders down 90 at 95-95. Feb Class III milk up three cents at 13-40. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.