04/10/06 Supply and Demand update today

04/10/06 Supply and Demand update today

Marketline April 10, 2006 USDA issues its monthly supply and demand reports this morning before futures trading opens. Wheat futures were mixed Friday ahead of the report but new crop hard wheat contracts were higher on continued weather concerns. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange has what the trade is expecting from USDA today. Chiodo: "The USDA might drop the world wheat numbers a little bit but they expect to keep the domestic wheat numbers unchanged. With that I think folks are just looking around to see how much more fund buying comes in. They seem to have the market by the tail at the moment and that is what we are going to follow." On Friday May Chicago wheat was down 1 ¼ cents at 3-51 ¼. May corn up 1 ½ at 2-43. Portland cash white wheat steady to five cents lower at mostly 3-57. August new crop down a penny at 3-68., Club wheat 3-77. HRW 11.5 percent protein a penny lower at 4-87. Dark northern spring 14% protein mixed at 5-50. No Portland barley bids. Cattle futures had their third straight up day Friday which market observers say provides convincing evidence a major bottom was established at last week's mid-week lows. Higher boxed beef values Friday provided fundamental support. June live cattle up 163 at 76-22. May feeders up 122 at 102-18. May Class III milk up four cents at 10-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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