06/11/07 Traders get new production numbers today

Market Line June 11, 2007 Wheat futures closed higher Friday as traders were said not to want to be short going into this morning's USDA reports. U.S. winter wheat production estimates get updated and so do world supply and demand estimates. USDA Outlook Board Chairman Jerry Bange details areas overseas department analysts have been focusing on for this month's reports. Bange: "We are looking very closely this time at wheat in Europe. We know that eastern Europe has been having some hot and dry conditions so we are looking at that very closely. On the other hand Australia has been a little better. So we have seen some rain there so we will have to assess what we think it is doing to the crop their." Estimates coming out of Argentina put wheat plantings there down from between 5.5 percent to three percent from last year but with higher prices some analysts see steady or increased plantings. On Friday Chicago July wheat was up three cents at 5-27 ½. July corn down 2 ¾ at 3-82. Portland cash soft white wheat steady at $6. Club wheat 6-05. August new crop soft white 5-65. HRW 11.5 percent protein mixed at 5-97. Dark northern spring 14% protein up two cents at 6-17. Barley at the coast 165 dollars a ton. August at 159. It was a mixed close for cattle futures Friday though there was some good news. South Korea reopened once again to U.S. beef shipments. There was some cash fed cattle trading at 91 dollars before futures closed. August live cattle up seven cents at 89-60. August feeders down 65 at 108-20. July Class III milk down nine cents at 20-78. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.