03/12/07 Few changes in supply and demand report

Farm and Ranch March 12, 2007 The U.S. wheat and wheat by class balance sheets were unchanged in Friday's March Supply and Demand report from the USDA. The projected range for the 2006/2007 season-average farm price was also unchanged at $4.20 to $4.30 a bushel. Global world wheat ending stocks were increased just under a half million tons from last month to 121.2 million tons. That compares to 147. 5 million the previous year. Alan Conrad of the Zaner Group in Pipestone, Minnesota says the wheat market is looking for a leader right now. Conrad says some producers in the southern Plains say they are only two weeks away from a drought so weather is going to be key to wheat price direction and he adds; Conrad: "We are at levels here where if you are a producer you need to look at doing some type of risk management because it could fall out of bed and you may not get that chance to come back to it." USDA also left U.S. feed grain balance sheets unchanged in its March report. While the season-average price for corn did not change the barley farm price range was raised ten cents on the bottom end to $2.85 to $2.95 a bushel reflecting strong feed barley prices. Global coarse grain ending stocks were lowered 0.6 million tons with a reduction in barley accounting for most of the change. Alan Conrad says what the futures market is really waiting for is that March 30th spring Planting Intentions report from the USDA. It's expected to show a huge increase in corn acreage, fewer spring wheat plantings. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.