USDA National Grain Review

ST. JOSEPH - Feb 8/08 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Feb 8.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Grain and soybean bids were higher for the exception of corn which was lower.
A strong bullish train of momentum keeps the grain sharply higher for the week
as continued strength at the Minneapolis exchange supporting the CBOT and KCBOT
wheat as well.  All three exchanges posted futures up the limit all week due to
tight supplies and good demand.  Next week Minneapolis wheat limits will be
raised to 40 cents compared to the current 30 cents limit.  Weekly export sales
for wheat was reported near the low end of trade expectations at 312,900 tons,
this compares to just 50,800 needed to reach the USDA's projection for the
current marketing year.  Corn was mostly lower in reaction to the lower energy
markets, profit taking, and improving weather in Argentina.  However, spillover
support from wheat and good export demand limit the losses.  Weekly export sales
for corn were listed 1.029 million ton, this compares to 491,100 tons needed
each week to reach the USDA projection.  Soybeans saw spillover support from
wheat and strength in soy oil.  Soybean export sales came in at 1.037 million
tons versus 98,400 tons needed each week to reach the USDA projection.  Wheat
was 1.17-4.25 higher.  Yellow corn was mostly steady to 9 cents lower.  Sorghum
was 2-4 cents lower.  Soybeans were 54-61 cents higher.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
1.48 to 2.28 higher from 11.38 1/4-13.10 1/4 per bushel.  Kansas City US No 2
Soft Red Winter rail bid was 1.43 higher from 11.15 1/4-11.50 1/4 per bushel.
St. Louis truck US No 2 Soft Red Winter terminal bid was 1.17 higher at 9.85 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 4.00 to 4.25 higher from 17.94 3/4 to 18.19 3/4 per
bushel.  Portland US Soft White wheat rail was not available.

   CORN:  Kansas City US No 2 rail White Corn was 26 to 33 cents higher from
5.07-5.21 per bushel.  Kansas City US No 2 truck Yellow Corn was 1 to 3 cents
higher from 4.90-4.92 per bushel.  Omaha US No 2 truck Yellow Corn was steady to
9 cents lower from 4.65-4.78 per bushel.  Chicago US No 2 Yellow Corn was 1 3/4
to 11 3/4 cents lower from 4.69 1/2-4.84 1/2 per bushel.  Toledo US No 2 rail
Yellow corn was 4 3/4 cents lower from 4.80 1/2-4.82 1/2 per bushel.
Minneapolis US No 2 Yellow Corn rail was 1 3/4 cents lower at 4.66 1/2 per
bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 11 1/2 cents higher from 3.38 3/4-3.40 3/4 per bushel. US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was 5 cents
lower at 6.95 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 2 cents lower at 8.57 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 2 to 4 cents lower from 8.07-8.21 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, no bid available.  Illinois
Processors US No 1 Yellow truck soybeans were 57 to 61 cents higher from 12.91
1/2-13.01 1/2 per bushel.  Kansas City US No 2 Yellow truck soybeans were 54
cents higher at 12.47 per bushel.  Central Illinois 48 percent Soybean meal,
processor rail bid was 19.20 to 20.20 higher from 343.70-346.70 per ton.
Central Illinois crude Soybean oil processor bid was 115 to 165 points higher
from 51.87-53.12 cents per pound.  Sunflower Oil was not available.

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

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