08/10/06 Grain futures await USDA reports

08/10/06 Grain futures await USDA reports

Marketline August 10, 2006 Wheat futures were higher Wednesday stabilizing after a sharp break Tuesday. Joe Victor of Allendale says the row crops helped but trading volume was limited. Victor: "Little bit of a short covering bounce and it started primarily in the corn and soybeans overnight. Electronic Board of Trade was a little bit higher on a thin volume. Had a similar type of trade (Wednesday). Very thin volume. Traders few in numbers and very light compared to what we saw earlier in the week on Monday." The weekly export sales report will be out this morning and Friday morning USDA issues its monthly crop production report and updates world supply and demand. The trade is expecting lower U.S. and world wheat production and ending stocks numbers in those reports. That would normally be bullish. On Wednesday September Chicago wheat was up four cents at 3-88. September corn up 4 at 2-39 ¾. Portland cash white wheat was mixed but mostly 3-98. Club wheat 4-23. HRW 11.5 percent protein higher at 5-17. Dark northern spring 14% protein one to two cents higher at 5-55. No Portland barley bids. Cattle futures were mixed Wednesday with nearby live cattle getting support from strengthening boxed beef cutouts and ideas cash fed cattle prices will be better. Oct live cattle up 53 cents at 93-45. Oct feeders down three at 116-53. Sept Class III milk down 20 cents at 11-68. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.
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