USDA National Grain Review

ST. JOSEPH - Feb 10/06 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Feb 10.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Another positive week for grain and soybean bids after seeing losses early in
the week.  Wheat continues to find support from dry conditions in the southern
plains.  Kansas crop ratings for January were reported at 52 percent in good to
excellent condition down 9 percent from last month.  Texas crop is rated at 1
percent good to excellent, 32 percent poor, and 57 percent very poor.  The USDA
supply/demand report was released yesterday posting ending stocks for the 2005-
2006 season at 542 million bushels as compared to trade estimates of 536 million
bushels.  Global ending stocks were reported at 141.96 million tonnes versus
144.7 million tonnes last month.  Weekly export sales for wheat were posted at
354,700 tonnes as compared to trade estimates 250,000-400,000 tonnes.
   Corn saw gains as the good weekly export sales and dry outlook for South
America lend support.  Corn ending stocks for the 2005-2006 season were reported
at 2.401 billion bushels compared to average trade estimates of 2.389 billion
bushels and 2.426 billion last month.  Ethanol use was up by 25 million bushels.
Global ending stocks for the 2005-2006 season were reported at 128.16 million
tonnes and 128.26 million tonnes from last month.  Weekly export sales for corn
came in at 1.641 million tonnes compared to trade estimates 900,000-1.15 million
tonnes.
   Soybeans ended the week in gains despite the bearish USDA Supply/Demand
report.  The higher corn and wheat spilled over into the bean pits.  Soybean
ending stocks were reported at 555 million bushels as compared to trade
estimates near 534 million bushels which was a record high for ending stocks.
Exports and crush were revised lower by 40 million bushels and 10 million
respectively.  Global ending stocks for the 2005-2006 season were at record
highs at 53.83 million tonnes and 53.15 million tonnes from last month and 44.87
million tonnes last season.  Weekly export sales for soybeans were at 562,300
tonnes as compared to 250,000-400,000 tonnes.  Meal sales were reported at
133,300 tonnes as compared to trade estimates 50,000-125,000 tonnes.
   Wheat was 3 to 29 cents higher.  Corn was steady to 5 cents higher except
Chicago 1-2 cents lower.  Sorghum was steady to 9 cents higher.  Soybeans were
3-4 cents higher.

EXPORT SALES:
PURCHASER               COMMODITY                    TONNAGE    DELIVERY DATE

CCC to Afghanistan      Soft White                    16,000    Feb 16-27
South Korea       11.5 pct Hard Red Winter             4,400    Mar 10-Apr 10
                  14.0 pct Dark Northern Spring        1,800    Mar 10-Apr 10
                  10.5 pct Western/Soft White          6,100    Mar 10-Apr 10
                  10.0 pct Western/Soft White          6,200    Mar 10-Apr 10
                   9.5 pct Western/Soft White          3,000    Mar 10-Apr 10
CCC to Ghana      14.5 pct Northern Spring            18,000    Feb 21-Mar 2
Japan     U.S.    11.7 pct Hard Red Winter            14,000    Apr
                  14.0 pct Dark Northern Spring       37,000    Apr
       Canada     13.5 pct Canada Western Red Spring  27,000
                  13.0 pct Western Amber Durum        18,000
Taiwan                  Dark Northern Spring          41,020    Mar 10-Apr 8
                        Hard Red Winter               21,130    Mar 10-Apr 8
                        White Wheat                   10,650    Mar 10-Apr 8

Pvt. Ex. to Unknown     Corn                         116,000    Aug 31, 2006
South Korea             Yellow Corn                  110,000    Apr
CCC to Cape Verde       Yellow Corn                    6,000    Feb 21-Mar 2
Pvt Ex to unknown       Yellow Corn                  126,000    05-06 Mkting Yr.
Pvt Ex to Unknown       Yellow Corn                   22,000    06-07 Mkting Yr.

CCC to Afghanistan      Soybeans                      10,000    Feb 16-27

Total:  U.S. Wheat 179,300 tonnes; Canadian 45,000 tonnes.  Corn 380,000 tonnes.

**THESE MAY NOT BE THE ONLY EXPORT SALES THAT HAVE TRANSPIRED, BUT THEY ARE
THE ONLY SALES THAT COULD BE CONFIRMED BY THE USDA GRAIN MARKET NEWS.**

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 24
to 29 cents higher from 4.72 3/4-4 83 3/4 per bushel.  Kansas City US No 2 Soft
Red Winter rail bid was 26 cents higher from 4.43 3/4-4.63 3/4 per bushel.  St.
Louis truck US No 2 Soft Red Winter terminal bid was 8 to 17 cents higher from
3.49-3.95 per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0
to 14.5 percent protein rail, was 5 to 13 cents higher from 4.85-5.10 per
bushel.  Portland US Soft White Wheat rail was 3 to 6 cents higher from 3.48-
3.52 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was steady from 2.01-2.04 bushel.
US No 2 truck Yellow Corn was 5 cents higher at 2.06 per bushel.  Omaha US No 2
truck Yellow Corn was 1 to 2 cents higher from 1.95-1.96 per bushel.  Chicago US
No 2 Yellow Corn was 1 to 2 cents lower from 2.04 1/2-2.10 1/2 per bushel.
Toledo US No 2 rail Yellow corn was 4 cents higher from 2.04 1/2-2.06 1/2 per
bushel.  Minneapolis US No 2 Yellow Corn rail no bid.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis was
4 cents lower from 2.05-2.07 per bushel.  US No 3 or better truck malting
Barley, 70 percent or better plump out of Minneapolis was steady at 2.85.
Portland US 2 Barley, unit trains and Barges-export was not available per cwt.

   SORGHUM:  US No 2 yellow truck, Kansas City was steady at 3.59 per cwt.
Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob
elevator) was 9 cents higher from 3.53-3.62 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans no bid.  Illinois Processors US
No 1 Yellow truck soybeans were 3/4 to 3 3/4 cents higher from 5.75 3/4-5.79 3/4
per bushel.  Kansas City US No 2 Yellow truck soybeans were 4 cents higher at
5.68 per bushel.  Decatur 48 percent Soybean meal, processor rail bid was 30
cents lower from 175.60-180.60 per ton.  Decatur crude Soybean oil processor bid
was 70 points higher from 21.90-22.65 cents per pound.  Sunflower Crude Oil was
7 to 100 points lower from 32.28-40.00 per pound.

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

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