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Saturday, May 17, 2008


 

SJ_GR851 St. Joseph, MO Fri May 16, 2008 USDA-MO Dept of Ag Market News WEEKLY NATIONAL GRAIN MARKET REVIEW For the week grain bids were lower for the exception of soybeans which were higher. The outlook for new crop seems to be negative as the US winter wheat crop looks larger than expected which is pressuring the market. Weather is favorable for the wheat crop. Also spillover pressure from corn contributed to the weakness. However, late in the week wheat rallied as export sales listed old crop at 120,700 tonnes and new crop at 443,600 tonnes which was at the high end of trade estimates. Corn bids closed in the red as favorable weather conditions for planting triggered the losses. The planting progress report early in the week came in at 51 percent complete. The weather outlook is very good for planting as farmers look forward to capitalize. Export trade had corn at the high end of trade expectations at 547,200 tonnes of old crop and 139,300 tonnes of new crop. Soybeans saw gains most of the week due to friendly supply/demand report both old and new crop carryover numbers were lower than expected, higher crude oil, and the idea that planting progress for corn will catch-up over the next week and there will be little shift to plant more soybeans. Export sales for soybeans were 201,400 tonnes of old crop and 300 tonnes of new crop. Wheat was 41-80 cents lower. Yellow corn was 24-31 cents lower. Sorghum was 55-63 cents lower. Soybeans were 33-48 cents higher. WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 41 1/2 to 66 1/2 cents lower from 8.71 1/2-9.66 1/2 per bushel. Kansas City US No 2 Soft Red Winter rail bid was 66 1/2 cents lower from 7.66 1/2-8.01 1/2 per bushel. St. Louis truck US No 2 Soft Red Winter terminal bid was 80 cents lower at 5.72 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, no quote. Portland US Soft White wheat rail was not available. CORN: Kansas City US No 2 rail White Corn was 9 to 13 cents lower from 5.80- 5.93 per bushel. Kansas City US No 2 truck Yellow Corn was 29 cents lower from 5.66-5.69 per bushel. Omaha US No 2 truck Yellow Corn was 29 to 31 cents lower from 5.58-5.65 per bushel. Chicago US No 2 Yellow Corn was 24 1/4 to 29 1/4 cents lower from 5.56-5.89 per bushel. Toledo US No 2 rail Yellow corn was 29 1/4 to 31 1/4 cents lower from 5.69-5.75 per bushel. Minneapolis US No 2 Yellow Corn rail was 25 1/4 cents lower at 5.38 per bushel. OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20 day was 7 1/2 to 20 1/2 cents lower from 3.82-3.97 per bushel. US No 3 or better rail malting Barley, 70 percent or better plump out of Minneapolis was steady at 7.25 per bushel. Portland US 2 Barley, unit trains and Barges-export was not available per cwt. SORGHUM: US No 2 yellow truck, Kansas City was 55 to 56 cents lower from 9.57-9.59 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 57 to 63 cents lower from 9.62-9.86 per cwt. OILSEEDS: Minneapolis Yellow truck soybeans, was 48 1/2 cents higher at 12.67 1/2 per bushel. Illinois Processors US No 1 Yellow truck soybeans were 39 1/2 to 42 1/2 cents higher from 13.25 1/2-13.37 1/2 per bushel. Kansas City US No 2 Yellow truck soybeans were 33 cents higher at 13.13 per bushel. Central Illinois 48 percent Soybean meal, processor rail bid was 7.80 to 8.80 higher from 332.00-333.00 per ton. Central Illinois crude Soybean oil processor bid was 48 to 68 points higher from 57.03-58.23 cents per pound. SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO Baldemar Ortiz, Market Reporter (816)238-0678 www.ams.usda.gov/mnreports/SJ_GR851.txt For more Grain Market News: www.ams.usda.gov/lsg/mncs/ls_grain.htm 0815c bro .


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