USDA National Grain Review
ST. JOSEPH - May 10/02 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through May 10.
WEEKLY NATIONAL GRAIN MARKET REVIEW
For the week grain and soybean bids traded sharply higher due to crop
concerns, wet conditions, and good export interest. Wheat 3 to 12 cents
higher. Yellow corn 2 to 8 cents higher; white corn Steady. Sorghum 9
to 20 cents higher. Soybeans 12 to 16 cents higher.
Hard red winter wheat growing areas received some much needed moisture
This week, however, many places remain dry and yield losses seem probable.
The same is expected for soft red winter wheat only for too much wet weather.
Good export sales this week with Taiwan the major buyer. This mornings
USDA production report showed winter wheat production down 4 percent from
2001 at 1.30 billion bushels, the lowest since 1978. Hard red production
was forecast at 717 million bushels, down 6 percent, soft red down 7 percent
at 373 million bushels, and white wheat production was set at 211 million
bushels, up 8 percent from last year.
Corn planting has been very slow this year as heavy rains have fallen
for the past couple of weeks with very few breaks in between to get the
crop in the ground. Some re-planting will be necessary if possible, other-
wise producers will have to switch to soybeans. Light export interest this
week was noted.
Export soybean sales were also light for the week but meal demand picked
up slightly. Spring planting has been running behind for corn but traders
arent worried about beans at this time. If switching occurs soybean bids
will decline.
EXPORT SALES:
PURCHASER COMMODITY TONNAGE DELIVERY DATE
Taiwan Hard Red Winter Wheat 50,300 May/July
Dark Northern Spring Wheat 102,000
White Wheat 22,300
Taiwan Corn 56,000 June/July
CCC Russia Soybean Meal 30,000 May
Totals: Wheat 174,600 tonnes. Corn 56,000 tonnes. Soybean meal 30,000
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 3 1/4
Cents higher at 3.10 1/4-3.25 1/4 per bushel. Kansas City US No 2 Soft Red
Winter rail bid 3 1/4 cents higher at 2.64 1/4-2.94 1/4 per bushel. St. Louis
truck US No 2 Soft Red Winter terminal bid 7 to 9 cents higher at 2.80-2.86
per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0-14.5
percent protein rail 3 to 10 cents higher at 3.58 1/2-3.65 1/2 per bushel.
Portland US Soft White Wheat 11 to 12 cents higher at 3.44-3.45 per bushel.
CORN: Kansas City US No 2 rail White Corn steady at 2.10-2.12 per bushel.
US No 2 truck Yellow Corn 5 cents higher at 1.96-1.98 per bushel. Omaha US
No 2 truck Yellow Corn 8 cents higher at 1.88-1.89 per bushel. Chicago US
No 2 Yellow Corn truck/rail bid 2 to 5 cents higher at 1.98 1/2-2.02 1/2 per
bushel. Toledo US No 2 rail Yellow corn 5 to 6 cents higher at 1.90 1/2-1.95
1/2 per bushel. Minneapolis US No 2 Yellow Corn rail 6 cents higher at 1.92
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 steady to 5 cents higher at 4.75-4.80 per cwt.
SORGHUM: US No 2 yellow truck, Kansas City 9 to 15 cents higher at 3.38-
3.40 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid
to the farmer, fob elevator) 9 to 20 cents higher at 3.16-3.25 per cwt.
OILSEEDS: Illinois Processors US No 1 Yellow truck Soybeans 2 1/2 to 16
1/2 cents higher at 4.81 1/4-4.91 1/4 per bushel. Kansas City US No 2 Yellow
truck soybeans 16 cents higher at 4.75-4.76 per bushel. Minneapolis Yellow
truck soybeans 12 1/2 cents higher at 4.66 1/4 per bushel. Decatur 48
percent soybean meal, processor rail bid 1.00 to 1.50 higher at 161.00-163.50
per ton. Decatur crude Soybean oil processor bid 56 points higher at 14.98-
15.73 cents per pound. Sunflower Crude Oil was 8 points lower at 22.50 cents
per pound.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
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