USDA National Grain Review

ST. JOSEPH - May 24/02 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through May 24.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Good weekly export sales boosted wheat bids higher going into the long
Holiday weekend.  South Korea and the Philippines were the major buyers of
wheat.  Additional support came from a lower US dollar value.  Export corn
sales were impressive this week with Japan purchasing a large amount.  This,
could not hold bids in the plus side as favorable weather across the Corn
Belt allowed planting to resume with good progress noted.  Some commercial
buying on the Board limited declines.  Sharply higher soybean bids were a
reaction to improved export interest as China moved back into the market for
a moment.  Late week declines in soybean pits were corrected as we enter the
long weekend.  Spillover strength from meal and oil demand this week was also
a positive factor for bean bids.  Good planting progress has been reported in
bean fields due to this week’s dryer weather conditions but weekend rainfall
has returned to forecasts in many areas.
   Wheat 3 to 8 cents higher.  Corn 1 to 6 cents lower.  Sorghum 1 to 10 
cents lower.  Soybeans 6 to 9 cents higher.
   
EXPORT SALES:
PURCHASER               COMMODITY              TONNAGE   DELIVERY DATE
The Philippines   Hard Red Winter Wheat          4,000   June/July
                  Dark Northern Spring Wheat    27,000
                  Soft White Wheat              12,000
South Korea  11.5 pct Hard Red Winter Wheat     10,600   July/August
             14.0 pct Dark No Spring Wheat      10,200
         max 10.0 pct Western/Soft White Wheat   4,500
         max 10.5 pct Western/Soft White Wheat   8,700
CCC Cape Verde   12 pct Hard Red Winter Wheat    3,580   June
CCC Cape Verde   Yellow Corn                     6,380   June
Japan            Corn                          105,664   Unknown
Japan            Corn                          105,664   Unknown
China            Soybeans                      110,000   01/02 Marketing Yr

Totals:  Wheat 80,580 tonnes.  Corn 217,708 tonnes.  Soybeans 110,000
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 7 1/2
cents higher at 3.18-3.33 per bushel.  Kansas City US No 2 Soft Red Winter 
rail bid 1/2 cent higher at 2.61-2.91 per bushel.  St. Louis truck US No 2 
Soft Red Winter terminal bid 3 cents higher to 7 cents lower at 2.69-2.96
per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0-14.5 
percent protein rail 5 1/4 to 8 1/4 cents higher at 3.59 3/4-3.64 3/4 per 
bushel.  Portland US Soft White Wheat 3 cents higher at 3.45-3.46 per bushel.

   CORN:  Kansas City US No 2 rail White Corn steady at 2.20-2.24 per bushel.  
US No 2 truck Yellow Corn 4 to 5 cents lower at 1.99-2.00 per bushel.  Omaha
US No 2 truck Yellow Corn 5 cents lower at 1.90-1.91 per bushel.  Chicago US 
No 2 Yellow Corn truck/rail bid 5 1/2 to 6 1/2 cents lower at 2.00 3/4-2.07
3/4 per bushel.  Toledo US No 2 rail Yellow corn 3 1/2 cents lower at 1.96
3/4-2.03 3/4 per bushel.  Minneapolis US No 2 Yellow Corn rail 1 1/2 cents 
lower at 1.95 3/4 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 5 cents lower 5 cents higher at 4.70-4.80 per cwt.
  
   SORGHUM:  US No 2 yellow truck, Kansas City 10 cents lower at 3.42-3.44
per cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to 
the farmer, fob elevator) 1 to 10 cents lower at 3.20-3.35 per cwt.
    
   OILSEEDS:  Illinois Processors US No 1 Yellow truck Soybeans 6 3/4 cents
higher at 4.95 1/2-5.08 1/2 per bushel.  Kansas City US No 2 Yellow truck 
soybeans 7 cents higher at 4.89-4.91 per bushel.  Minneapolis Yellow truck 
soybeans 9 3/4 cents higher at 4.85 1/2 per bushel.  Decatur 48 percent 
soybean meal, processor rail bid 2.50 lower at 162.50-165.50 per ton.
Decatur crude Soybean oil processor bid 94 to 119 points higher at 16.62-
17.37 cents per pound.  Sunflower Crude Oil was 75 points higher at 23.69
cents per pound.

SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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