USDA National Grain Review

ST. JOSEPH - Oct 6/06 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Oct 6.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   For the week grain and soybean bids saw moderate to sharp gains.  Wheat found
support from tight global stocks, dry weather outlook in Kansas and Australia.
Overnight export announcements were very good this week lending support.  The
winter wheat plantings early in the week came in at 54 percent complete compared
to 53 percent last year.  Weekly export sales came in at 419,800 tonnes as
compared to 350,000-500,000 tonnes.  Wheat stocks were bearish last Friday
coming in at 1.743 billion bushels as compared to average trade estimate of
1.711 billion bushels and 1.923 billion bushels last year.  Spring wheat
production came in at 460.5 million bushels as compared to trade estimates near
456 million bushels.  All wheat production was reported at 1.812 billion bushels
as compared to trade expectations near 1.794 billion bushels.
   Corn and soybeans were up and down all week; however, the market closed on a
positive tone.  Harvest was active in some areas of the corn-belt while others
were forced on the sidelines due to rain.  Corn prices remain way above as
compared to a year ago where prices were in the 1.50-1.70 mark.  Soybean prices
are in line to slightly higher than a year ago.  The corn harvest was reported
early in the week at 20 percent complete as compared to 25 percent last year and
soybean harvest at 19 percent complete as compared to 33 percent last year.
Export announcements for soybeans were also good lending support in the pits.
Weekly export sales for corn came in at 1.158 million tonnes as compared to
trade estimates 800,000-1.0 million.  Weekly export sales for soybeans came in
at 1.255 million tonnes as compared to trade estimates 600,000-800,000 tonnes.
Corn stocks were neutral last Friday in the USDA report coming in at 1.971
billion bushels as compared to the average trade estimate of 1.971 billion
bushels.  The soybean report was bullish coming in at 448.8 million bushels as
compared to the average trade estimate of 481 million bushels and 485 million
from the last USDA supply/demand report.
   Wheat was mostly 6-14 cents higher.  Corn was 4-10 cents higher with KC white
corn 29-32 cents higher.  Sorghum was 14 cents higher.  Soybeans were 4-14 cents
higher.

EXPORT SALES:
PURCHASER                 COMMODITY               TONNAGE       DELIVERY DATE

CCC Indonesia             Soft White                6,330       Oct 10-30, 2006
CCC Mali                  Hard Red Winter           7,750       Oct 10-20, 2006
Pvt. Ex. to Iraq          Hard Red Winter         200,000       06-07 Mkting Yr.
Pvt. Ex. to Iraq          Hard Red Winter         100,000       06-07 Mkting Yr.
Egypt                     Soft Red Winter         115,000       Nov
CCC to Bangladesh         Soft White               16,740       Oct 16-25
Japan      U.S.     11.7 pct Hard Red Winter       16,000       Dec
                    14.0 pct Dark Northern Spring  24,000       Dec
         Canada     1 Canadian Western Red Spring  21,000
      Australia           Standard White           45,000

CCC to Sudan              Sorghum                   5,230       Oct 21-31, 2006

South Korea               Soybeans                110,000       Mar 15-Apr 10
Pvt. Ex. to China         Soybeans                116,000       06-07 Mkting Yr.

Total:  U.S. Wheat 485,820 tonnes; Canadian 21,000 tonnes; Australian 45,000
tonnes.  Sorghum 5,230 tonnes.  Soybeans 226,000 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 9
cents higher from 5.29 1/2-5.60 1/2 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 14 cents higher from 4.19 1/2-4.39 1/2 per bushel.  St.
Louis truck US No 2 Soft Red Winter terminal bid was 6 cents higher at 4.29 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 7 3/4 cents higher from 5.10 1/2-5.20 1/2 per bushel.
Portland US Soft White Wheat rail was 26 to 27 cents higher from 4.76-4.81 per
bushel.

   CORN:  Kansas City US No 2 rail White Corn was 29 to 32 cents higher from
2.91-2.96 per bushel.  Kansas City US No 2 truck Yellow Corn was 8 to 10 cents
higher from 2.52-2.54 per bushel.  Omaha US No 2 truck Yellow Corn was 8 to 10
cents higher at 2.47 per bushel.  Chicago US No 2 Yellow Corn was 1 1/2 cents
lower to 7 1/2 cents higher from 2.43 3/4-2.57 3/4 per bushel.  Toledo US No 2
rail Yellow corn was 7 1/2 to 9 1/2 cents higher from 2.43 3/4-2.52 3/4 per
bushel.  Minneapolis US No 2 Yellow Corn rail was 4 1/2 cents higher at 2.15 3/4
per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 6 3/4 cents higher from 2.30 1/4-2.33 1/4 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was 5 cents
higher at 3.30 per bushel.  Portland US 2 Barley, unit trains and Barges-export
was not available per cwt.

   SORGHUM:  US No 2 yellow truck, Kansas City was 14 cents higher at 4.23 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 10 to 13 cents higher from 4.55-4.74 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were 14 3/4 cents higher at 5.05
1/2 per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 3/4 to 4
3/4 cents higher from 5.40 1/2-5.48 1/2 per bushel.  Kansas City US No 2 Yellow
truck soybeans were 8 cents higher at 5.41 per bushel.  Decatur 48 percent
Soybean meal, processor rail bid was 2.80 lower to 70 cents higher from 170.30-
179.30 per ton.  Decatur crude Soybean oil processor bid was 11 points lower
from 22.57-23.82 cents per pound.  Sunflower Oil was not available.

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

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