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 weeks 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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