USDA National Grain Review

ST. JOSEPH - May 3/02 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through May 3.

WEEKLY NATIONAL GRAIN MARKET REVIEW
   Weather and exports were the usual trend setters this week as grain and
soybean bids continued to bounce up and down.  Wheat mixed, 7 cents lower to 
9 cents higher.  Yellow corn steady to 5 cents lower; white corn 8 to 9 cents 
higher.  Sorghum 5 to 11 cents lower.  Soybeans 1 to 12 cents lower.   
   Favorable reports by tour groups in hard red winter wheat areas this week
added pressure to bids.  However, the soft red winter wheat crop condition was
a different story due to too much rain and many areas are reported ruined.
Weakness also stemmed from lack of export demand this week and year to date
numbers far below expectations.
   Corn planting progress is about average except in the eastern Corn Belt
region where rainfall has been abundant, keeping farmers out of the fields.
Export sales were fair with South Korea and Taiwan major buyers but like 
wheat, corn sales are below the year ago average.  
   Sharp declines in soybean bids were due to very slow export interest,
some technical corrections, and competition from South America.  Their 
harvest season is progressing well and results are being seen in the
increased world supply channel.  Some weakness was also a result of the
possibility for crop switching.  More beans may be planted if farmers can’t
get their corn in the ground in the next few weeks.
EXPORT SALES:
PURCHASER               COMMODITY                 TONNAGE  DELIVERY DATE
Taiwan                  Corn                      20,000   May-June
South Korea             Corn                      52,500   June-July
Taiwan                  Soybeans                  15,000   May-June
Totals:  Corn 72,500 tonnes.  Soybeans 15,000 tonnes.
**THESE MAY NOT BE THE ONLY EXPORT SALES THAT HAVE TRANSPIRED, BUT THEY 
ARE THE ONLY SALES THAT COULD BE CONFIRMED BY USDA GRAIN MARKET NEWS.** 
   WHEAT:  Kansas US No 1 Hard Red Winter, ordinary protein rail bid steady
at 3.07-3.22 per bushel.  Kansas City US No 2 Soft Red Winter rail bid 2 
cents lower at 2.61-2.91 per bushel.  St. Louis truck US No 2 Soft Red Winter 
terminal bid 2 to 7 cents lower at 2.71-2.79 per bushel.  Minneapolis and 
Duluth US No 1 Dark Northern Spring, 14.0-14.5 percent protein rail 5 3/4
cents lower to 9 1/4 cents higher at 3.55 1/2 per bushel.  Portland US Soft 
White Wheat steady to 2 cents higher at 3.32-3.34 per bushel.
   CORN:  Kansas City US No 2 rail White Corn 8 to 9 cents higher at 2.10-
2.12 per bushel.  US No 2 truck Yellow Corn steady at 1.91-1.93 per bushel.  
Omaha US No 2 truck Yellow Corn 3 cents lower at 1.80-1.81 per bushel.  
Chicago US No 2 Yellow Corn truck/rail bid 2 1/2 to 3 1/2 cents lower at 
at 1.93 1/2-2.00 1/2 per bushel.  Toledo US No 2 rail Yellow corn 4 1/2 to
5 1/2 cents lower at 1.84 1/2-1.90 1/2 per bushel.  Minneapolis US No 2 
Yellow Corn rail 1/2 cent lower at 1.86 1/2 per bushel. 
   OATS AND BARLEY:  US 2 or Better rail Oats at Minneapolis had no quote.
US No 3 or better truck Malting Barley, 70 percent or better plump out of 
Minneapolis steady at 2.45.  Portland US 2 Barley, unit trains and Barges-
export 12 1/2 to 15 cents higher at 4.75 per cwt.
   SORGHUM:  US No 2 yellow truck, Kansas City 5 cents lower at 3.29 per cwt.  
Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, 
fob elevator) 9 to 11 cents lower at 2.96-3.16 per cwt.
   OILSEEDS:  Illinois Processors US No 1 Yellow truck Soybeans 7 1/4 to 9 
13/4 cents lower at 4.64 3/4-4.78 3/4 per bushel.  Kansas City US No 2 Yellow 
truck soybeans 10 to 12 cents lower at 4.59-4.60 per bushel.  Minneapolis 
Yellow truck soybeans 13 1/4 cents lower at 4.53 3/4 per bushel.  Decatur 48 
percent soybean meal, processor rail bid 6.00 lower at 160.00-162.00 per ton.  
Decatur crude Soybean oil processor bid 97 points lower at 14.42-15.17 cents 
per pound.  Sunflower Crude Oil was 78 points lower at 22.58 cents per pound.
SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO