USDA National Grain Review

ST. JOSEPH - Apr 4/08 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Apr 4.

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WEEKLY NATIONAL GRAIN MARKET REVIEW

   For the week grain and soybean bids were mix as the USDA report on Monday
set the tone for the commodities.  Wheat was lower as funds were sellers and
Quarterly Stocks report was negative coming in at 709.64 million bushels with
expectations of near 665 million, as stocks are not as tight as previously
expected.  Planted acres were 63.8 million as compared to estimates of 63.5
million.  Winter wheat was 46.84 million acres this year as compared to 46.61
on the last report and 44.99 in 2007.  Spring wheat was at 14.33 million acres
this year as compared to 13.3 in 2007.  Durum was reported at 2.6 million
acres as compared to 2.15 in 2007.  The Minneapolis wheat is the only wheat
which saw sharp gains this week.  Improved export demand and dryness in the
HRW wheat areas limited the losses.  Weekly export sales for wheat were below
expectations coming in at 267,200 for old crop and 121,100 for new crop.  Corn
saw sharp gains finding support from a friendly planting Intentions Report on
Monday.  Projected acreage for this season came in at 86.014 million acres as
compared to trade estimates near 87.5 million.  Quarterly corn stocks were
also friendly coming in at 6.858 billion bushels which was below expectations
near 7.1 billion.  Wet conditions throughout the corn-belt are limiting early
field work, with the corn market’s attention now focusing on the weather. The
forecast for more rain across the corn-belt is delaying planting in the
southern corn-belt.  Corn weekly export sales were reported at 704,400 tonnes
for old crop and 241,300 for new crop which were above expectations.  Soybeans
were lower for the week as USDA’s planting Intentions had soybean acres at
74.79 million acres, which was outside the high end of the range with
expectations of 71.5 million acres.  The quarterly stocks report for soybeans
came in at 1.428 billion bushels as compared to trade estimates near 1.35
billion which was above the high end of expectations.  Weekly export sales for
old crop soybeans came in at 184,800 tonnes and 230,000 for new crop.
   Wheat was 53-93 cents lower with Minneapolis 74-99 cents higher.  Yellow
corn was 30-53 cents higher.  Sorghum was 78 cents to 1.09 higher.  Soybeans
were 55-65 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
53 3/4 cents lower from 10.31 1/4-11.06 1/4 per bushel.  Kansas City US No 2
Soft Red Winter rail bid was 73 3/4 cents higher from 9.66 1/4-10.01 1/4 per
bushel.  St. Louis truck US No 2 Soft Red Winter terminal bid was 93 cents
lower at 7.53 per bushel.  Minneapolis and Duluth US No 1 Dark Northern
Spring, 14.0 to 14.5 percent protein rail, was 74 1/4 to 99 1/4 cents higher
at 15.05 per bushel.  Portland US Soft White wheat rail has no comparison at
10.00-10.25 per bushel.
   CORN:  Kansas City US No 2 rail White Corn was 19 to 22 cents higher from
5.42-5.60 per bushel.  Kansas City US No 2 truck Yellow Corn was 44 cents
higher at 5.78 per bushel.  Omaha US No 2 truck Yellow Corn was 48 cents
higher from 5.66-5.72 per bushel.  Chicago US No 2 Yellow Corn was 50 to 52
cents higher from 5.65-5.95 per bushel.  Toledo US No 2 rail Yellow corn was
49 1/2 cents higher from 5.80-5.85 per bushel.  Minneapolis US No 2 Yellow
Corn rail was 30 1/2 cents higher at 5.46 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 52 1/4 cents higher from 3.89-3.92 per bushel. US No 3 or better rail
malting Barley, 70 percent or better plump out of Minneapolis was steady at
7.25 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 78 cents higher at 9.82 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 83 cents to 1.09 higher from 9.87-9.91 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, no bid available.  Illinois
Processors US No 1 Yellow truck soybeans were 60 1/4 to 65 1/4 cents lower
from 12.12-12.37 per bushel.  Kansas City US No 2 Yellow truck soybeans were
55 cents lower at 11.97 per bushel.  Central Illinois 48 percent Soybean meal,
processor rail bid was 12.60 to 13.60 lower from 321.20-326.20 per ton.
Central Illinois crude Soybean oil processor bid was 186 to 211 points lower
from 51.87-52.87 cents per pound.  Sunflower Oil was not available.

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

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STAT News Service