WEDNESDAY 6/10/09 - A.M.

USDA world S&D numbers displayed few surprises.  Wheat numbers showed US and world stocks up in 09/10 and could lead to a weaker opening. The Gov. pegged US winter wheat production at 1.492 billion bushels and US old-crop wheat ending stocks 669 million bushels; in line with industry estimates. Corn and bean price direction remain highly influential.  SWW's exports figure was cut 5 million bushels to 135 million. Probably a couple of cargoes shifted into the 'new-crop June slot'. Now that the Gov. has spoken, outside markets will take a turn at guiding 'price destiny'.

Market wags digest new data with a dose of Prilosec.  CBOT futures have created a jagged price line, while SWW track values have traced a smaller smoother course. Recent PNW rains have helped stabilize production expectations. As always, more precipitation needed.

WEDNESDAY 6/10/09 - P.M. 

CBOT wheat futures reflected the negative vibes of a firmer US dollar and a non-supportive USDA stocks and carryout report.  Funds took the lead and sold 4,000 contracts. Global new-crop production estimates trend toward ample supplies and unwavering export competition.

In total, PNW SWW prospects appear average at best. More rains needed to keep it so.