ST. JOSEPH - May 31/02 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through May 31.
WEEKLY NATIONAL GRAIN MARKET REVIEW Weather seems to be the main factor this week, as corn and soybean bids are higher. Traders concerned over potentially lower corn harvest yields due to planting delays from moisture and cool weather and future moisture in planted and nonplanted areas.A few dry days last week and through the Holiday weekend boosted planting progress. Soybean bids found further support from higher meal and oil prices, along with some technical buying on Thursday. Some concern however over US exports of beans late this summer as South America is currently behind with an abundance in storage. Wheat bids trading higher as well, thanks to support from corn and soybean bids, along with some fund buying on the board. A little pressure seen on Thursday with European markets approving more export licenses. Higher weekly export sales, especially Wheat (up 58,000) lended support with Egypt, Japan, and Spain the biggest buyers. Wheat 1 to 9 cents higher, with the exception of Minneapolis 1 to 6 cents lower. Corn 4 to 7 cents higher. Sorghum 9 to 15 cents higher. Soybeans 4 to 11 cents higher. EXPORT SALES: PURCHASER COMMODITY TONNAGE DELIVERY DATE CCC Sudan Ord Hard Red Winter Wheat 8,000 June Unknown Corn 101,600 Unknown Spain Soybeans 110,000 Aug Taiwan Corn 25,000 Jun Taiwan Soybeans 10,000 Jun Japan Hard Red Winter Wheat 40,000 Jul-Aug Japan Dark Northern Spring Wheat 45,000 Jul-Aug Japan Western White Wheat 45,000 Jul-Aug Egypt Corn 120,000 Sep Taiwan Soybeans 54,000 Aug Totals: Wheat 138,000 tonnes. Corn 246,600 tonnes. Soybeans 174,000 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 2 3/4 cents higher at 3.20 3/4-3.35 3/4 per bushel. Kansas City US No 2 Soft Red Winter rail bid 2 3/4 cent higher at 2.63 3/4-2.93 3/4 per bushel. St. Louis truck US No 2 Soft Red Winter terminal bid 9 cents higher to 3 cents lower at 2.78 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0-14.5 percent protein rail 1 1/4 to 6 1/4 cents lower at 3.58 1/2 per bushel. Portland US Soft White Wheat 1 to 3 cents higher at 3.46-3.49 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 6 cents higher at 2.03-2.06 per bushel. Omaha US No 2 truck Yellow Corn 5 to 6 cents higher at 1.96 per bushel. Chicago US No 2 Yellow Corn truck/rail bid 3 1/2 to 5 1/4 cents higher at 2.05 1/2-2.11 1/2 per bushel. Toledo US No 2 rail Yellow corn 5 3/4 to 6 3/4 cents higher at 2.03 1/2-2.09 1/2 per bushel. Minneapolis US No 2 Yellow Corn rail 4 3/4 cents higher at 2.00 1/2 per bushel. OATS AND BARLEY: US 2 or Better rail Oats at Minneapolis 2.32 3/4-2.34 3/4. 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 10 cents lower at 4.60-4.80 per cwt. SORGHUM: US No 2 yellow truck, Kansas City 9 to 11 cents higher at 3.53 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) 9 to 15 cents higher at 3.35-3.44 per cwt. OILSEEDS: Illinois Processors US No 1 Yellow truck Soybeans 4 3/4 to 9 3/4 cents higher at 5.10 1/4-5.20 1/4 per bushel. Kansas City US No 2 Yellow truck soybeans 10 to 11 cents higher at 4.89-4.91 per bushel. Minneapolis Yellow truck soybeans 9 3/4 cents higher at 4.95 1/4 per bushel. Decatur 48 percent soybean meal, processor rail bid 4.50 higher at 167.00-170.00 per ton. Decatur crude Soybean oil processor bid 26 points higher at 16.88-17.63 cents per pound. Sunflower Crude Oil was 82 points higher at 24.51 cents per pound. SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
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