USDA National Grain Review

ST. JOSEPH - Apr 6/07 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Apr 6.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   For the week grain and soybean bids were mostly lower.  Wheat saw spillover
pressure from corn and good growing conditions in the winter wheat region as the
area received hefty rain last week and this week.  The US winter wheat crop was
rated early in the week at 71 percent good to excellent from 38 percent last
year.  Kansas is rated 77 percent good to excellent from 72 percent last week
and 38 percent last year.  However, late in the week the market recovered some
of its losses plus more due to concerns of cold weather damage to the winter
wheat crop in the southern Midwest and plains.  Weekly export sales for wheat
came in at 351,100 tonnes as compared to trade expectations 400,000-500,000.
The USDA report for wheat last Friday was mix with planted acreage for spring
wheat coming in at 13.808 million acres as compared with the average trade
estimate 13.59 million and 14.899 million planted last year.  All wheat
plantings came in at 60.303 million acres compared to expectations of 59.686
million acres which is up from 57.344 million planted last year.  Wheat stocks
for March 1st stood at 856 million bushels as compared to trade estimate of 881
million bushels as compared with 972 million bushels last year.
   Corn closed sharply lower as the market was under heavy pressure early in the
week due to the bearish USDA report.  However, the market recovered some losses
later in the week due cold conditions into the weekend and wet weather outlook
which will delay plantings.  Weekly export sales for corn came in below
expectations at 660,400 metric tonnes as compared to trade estimates 800,000-
1,000,000.  The USDA prospective plantings report last Friday came in at 90.454
million acres of corn this season as compared with the average trade estimate of
87.98 million acres and 78.327 million planted last year.  March 1st corn stocks
came in at 6.07 billion bushels as compared with trade estimate of 5.994 billion
bushels and 6.987 billion last year.
   Soybeans opened Monday on a positive note as the bullish USDA report lend
support.  The bullish report was short lived and the market started to slip away
due to cold and wet weather which will delay corn plantings.  There is concern
that the delays in corn plantings could mean more acreage to soybeans.  Weekly
sales for soybeans came in at 295,300 metric tonnes as compared to trade
expectations 300,000-350,000.  The USDA planting intentions report last week
posted planting acreage at 67.14 million acres for the 2007 crop as compared
with the trade estimate of 69.179 million acres and 75.522 million acres planted
last year.  The quarterly grain stocks report for soybeans came in at 1.784
billion bushels as compared with trade estimate of 1.797 billion bushels which
is a new all-time high and up from 1.669 billion last year.
   Wheat was 21 cents lower to 9 cents higher.  Yellow corn was 24-29 cents
lower with KC white corn 31-32 cents lower.  Sorghum was 29-52 cents lower.
Soybeans were 9-17 cents lower.

EXPORT SALES:
PURCHASER                 COMMODITY               TONNAGE       DELIVERY DATE

CCC to Madagascar   11.5 pct Hard Red Winter        9,250       Apr 16-26
Taiwan                    Hard Red Winter          11,910       Apr 30-May 14
                          Dark Northern Spring     26,820       Apr 30-May 14
                          White Wheat               4,270       Apr 30-May 14
CCC to Sierra Leone 11.5 pct Hard Red Winter        3,000       Apr 20-30
CCC to Ghana        14.5 pct northern spring       18,020       Apr 20-30
Japan     U.S.      11.7 pct Hard Red Winter       14,000       May
                    14.0 pct Dark Northern Spring  41,000       May
                    10.5 pct Western White         20,000       May
                    11.7 pct Hard Red Winter       12,000       Jun
                    14.0 pct Dark Northern Spring  43,000       Jun

CCC to Chad               Sorghum                   4,600       Apr 16-May 3
CCC to Sudan              Sorghum                  60,840       Apr 16-May 3

Total:  Wheat 203,270 tonnes.  Sorghum 65,440 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 3
cents lower from 5.19 1/4-5.39 1/4 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 2 cents higher from 4.34 1/4-4.44 1/4 per bushel.  St. Louis
truck US No 2 Soft Red Winter terminal bid was 15 cents lower at 4.07 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 9 3/4 cents higher from 5.62 1/2-5.67 1/2 per bushel.
Portland US Soft White Wheat rail was 15 to 21 cents lower from 5.75-5.83 per
bushel.

   CORN:  Kansas City US No 2 rail White Corn was 31 to 32 cents lower from
4.63-4.68 per bushel.  Kansas City US No 2 truck Yellow Corn was 27 to 29 cents
lower at 3.48 per bushel.  Omaha US No 2 truck Yellow Corn was 28 cents lower at
3.41 per bushel.  Chicago US No 2 Yellow Corn was 28 1/2 cents lower from 3.41-
3.60 per bushel.  Toledo US No 2 rail Yellow corn was 28 1/2 cents lower from
3.44-3.45 per bushel.  Minneapolis US No 2 Yellow Corn rail was 24 1/2 cents
lower at 3.28 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 9 1/2 to 10 1/2 cents lower at 2.89 1/2-2.91 1/2 per bushel.  US No 3 or
better rail malting Barley, 70 percent or better plump out of Minneapolis was
steady at 4.20 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 52 cents lower from 5.64-
5.66 per cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to
the farmer, fob elevator) was 29 to 48 cents lower from 6.18-6.46 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were 10 cents lower at 7.09 1/2
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 9 3/4 to 13
3/4 cents lower from 7.34 1/2-7.48 1/2 per bushel.  Kansas City US No 2 Yellow
truck soybeans were 17 cents lower at 7.25 per bushel.  Decatur 48 percent
Soybean meal, processor rail bid was 5.60 lower from 197.00-203.00 per ton.
Decatur crude Soybean oil processor bid was 30 to 55 points lower from 30.67-
31.42 cents per pound.  Sunflower Oil was not available.

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

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