11/05/07 USDA updates key numbers this week

Market Line November 5, 2007 Coming up this Friday the USDA will issue its November crop production report and new supply and demand numbers for grains. On Friday corn futures were higher on some private estimates of a crop smaller than the last USDA estimate. Even wheat futures were mostly higher Friday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says a snap tender by Egypt helped. Hoops: "Egypt purchased 275-thousand metric tons of wheat off the world market including 60-thousand from the United States. Egypt bought 60-thousand U.S. soft red wheat, 155-thousand Russian wheat and 60-thousand Canadian wheat." On Friday Chicago December wheat was up a quarter cent at 7-78 ½. July new crop at Chicago up 7 ¼ at 6-70. Dec corn up 8 ¼ at 3-77. Portland cash soft white wheat steady to ten cents lower at mostly 9-75. Club wheat 9-70. HRW 11.5 percent protein one to six cents higher at 9-12. Dark northern spring wheat 14% protein five to 10 cents higher at 9-39. Barley at the coast 247 dollars a ton. Any late Friday cash market developments and the Goldman Roll will be the focus of cattle futures traders today. Friday live contracts were higher on a short covering rally and technical buying. Higher corn hurt feeders. Dec live cattle up 62 cents at 94-72. Jan feeders up 37 at 107-92. Dec Class III milk down 19 cents at 17-80. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network.