USDA National Grain Review

ST. JOSEPH - Dec 12/08 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Dec 12.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain and soybean bids were higher as the Stock Market
and crude oil was trading higher, along with the sharply lower dollar.  Weekly
export sales for corn were strong coming in at a total of 1,058,700 tonnes.
Soybean export sales were above trade expectations at 811,800 tonnes.  Wheat
export sales were soft at 239,000 tonnes.
  The USDA raised ending stocks in wheat at 623 million bushels as compared to
603 million bushels last month which was above the average trade estimate.
World wheat ending stocks were also raised by 2.1 million tonnes to 147.35
million.  This was due in part to a modest increase in world production to 683.9
million tonnes from 682.4 million.
   Corn ending stocks were considered bearish coming in at 1.474 billion bushels
as compared to 1.124 billion bushels last month and 1.624 billion bushels last
year.  Ethanol was revised lower by an unexpectedly large 300 million bushels.
Global ending stocks were listed at 123.8 million tonnes as compared with 110.12
million tonnes last month and 105.6 million the previous month.
   On the USDA Supply/Demand Report Thursday soybean ending stocks were
unchanged at 205 million bushels which was supportive.  Exports were revised
higher by 30 million bushels due to good demand from China.  Crush was lowered
by 30 million.  World stocks were mixed with Brazil production at 59 million
tonnes as compared with 60 million tonnes last month.
   Wheat was mostly 15-35 cents higher.  Yellow corn was mostly 13-21 cents
higher.  Sorghum was 32-51 cents higher.  Soybeans were 46-55 cents higher.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 23
to 35 cents higher from 5.54-6.08 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 31 cents higher from 3.92-4.92 per bushel.  St. Louis truck
US No 2 Soft Red Winter terminal bid was 60 cents higher at 3.92 per bushel.
Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent
protein rail, was 20 1/2 cents lower to 34 cents higher at 7.48 3/4 per bushel.
Portland US Soft White wheat rail bid was 5 to 15 cents higher from 5.05-5.10
per bushel.

   CORN:  Kansas City US No 2 rail White Corn was 10 to 12 cents lower from
3.32-3.43 per bushel.  Kansas City US No 2 truck Yellow Corn was 17 to 20 cents
higher from 3.35-3.38 per bushel.  Omaha US No 2 truck Yellow Corn was 19 to 21
cents higher from 3.36-3.50 per bushel.  Chicago US No 2 Yellow Corn was 8 to 13
cents higher from 3.02-3.20 per bushel.  Toledo US No 2 rail Yellow corn was 20
1/2 to 21 1/2 cents higher from 3.36 1/2-3.41 1/2 per bushel.  Minneapolis US No
2 Yellow Corn rail was 17 1/2 cents higher at 2.92 1/2 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 4 cents lower to 1 cent higher from 2.04 1/2-2.14 1/2 per bushel.  US No
3 or better rail malting Barley, 70 percent or better plump out of Minneapolis
was 10 cents lower at 4.90 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 32 cents higher at 4.91 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 42 to 51 cents higher from 4.31-4.51 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, were 54 cents higher at 7.97 per
bushel.  Illinois Processors US No 1 Yellow truck soybeans were 50 1/2 to 55 1/2
cents higher from 8.56 1/2-8.66 1/2 per bushel.  Kansas City US No 2 Yellow
truck soybeans were 46 cents higher at 8.47 per bushel.  Central Illinois 48
percent Soybean meal, processor rail bid was 10.80 higher from 256.30-271.30 per
ton.  Central Illinois crude Soybean oil processor bid was 172 to 222 points
higher from 29.72-30.22 cents per pound.

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

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