05/11/07 Wheat futures lower heading into USDA reports

Market Line May 11, 2007 Results of USDA's supply and demand and winter wheat production estimates are expected to give the wheat market direction today. Pre-report estimates particularly for hard red winter production vary widely so there could be a surprise. Wheat futures were mostly lower Thursday in positioning for the reports and also on spillover pressure from corn and a surge in the dollar. Weekly export wheat sales were within trade expectations and considered by some to be disappointing. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota explains what will drive the market after today's USDA numbers are digested. Hoops: "After that we are going to look for weather and that looks to be very favorable at this point for wheat as well as corn development." On Thursday Chicago July wheat was down a half cent at 4-81 ½. July corn down 11 ¾ at 3-54 ½. Portland cash soft white wheat steady to two cents lower at 5-97. Club wheat 6-03. August new crop soft white mixed at 5-21. HRW 11.5 percent protein down six cents at 5-62. Dark northern spring 14% protein down three cents at 5-98. Barley at the coast 170 dollars a ton. August at 154. Cattle futures were mostly higher Thursday. Cash fed cattle sales of 97.50, higher boxed beef, lower corn and short covering all helped. The outlook for more beef exports is also providing underlying support. June live cattle up 30 cents at 92-70. August feeders up 57 at 112-75. June Class III milk up 45 cents at 18-65. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.