USDA National Grain Review

ST. JOSEPH - Mar 13/09 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Mar 13.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain bids closed higher.  Fund buying, higher crude
oil, and a three day rally in the stock market supported grain bids, along
with good export demand.  Wheat export sales were in line with trade
expectations with net sales at 362,900 tonnes for the current marketing year
and 36,300 for next year totaling 399,200.  Weekly export sales for corn were
better than expected with net sales at 1,092,300 tonnes, all for the current
marketing year.  Export sales were also better than expected in soybeans with
net sales at 837,000 tonnes for the current marketing year and 1,000 for next
year totaling 838,000.
The Supply and Demand Report was bearish for wheat with U.S. ending stocks at
712 million bushels from 655 million last month which was well above trade
expectations.  Soft red wheat ending stocks were up by 5 million bushels to a
record high of 158 million.  World numbers were very negative.  Stocks were
raised by more than 2 million tonnes, production was raised again and world
usage was lowered by 4 million tonnes.  World ending stocks were listed at
155.85 million tonnes as compared to 149.96 million last month.
Corn was considered bullish due to lower than expected ending stocks.
However, world numbers were negative.  The USDA lowered 2008-2009 ending U.S.
corn stocks to 1.74 billion bushels from 1.79 billion last month.  Ethanol
usage was up by 100 million bushels at 3.7 billion, and exports were down by
50 million bushels which resulted in an overall 50 million bushel jump in
total usage.  Beginning world corn stocks were up by over 2 million tonnes.
Total usage was down by about 5 million tonnes which came in an 8 million
tonne increase in ending stocks to 144.62 million tonnes as compared to 136.66
last month.
The soybean report was bullish with USDA lowering the 2008-2009 ending stocks
to 185 million bushels from 210 million last month.  Exports were revised
higher by 35 million bushels and crush was changed lower by 10 million
bushels.  Soy oil use for bio-diesel was projected sharply lower to 2.778
billion pounds from 2.9 billion last month.  Global ending soybean stocks were
revised slightly higher despite a projected decline in Argentina production to
just 43 million tonnes from 43.8 million last month and 46.2 million a year
ago.
   Wheat was mostly 5-19 cents higher.  Yellow corn was 25-31 cents higher.
Sorghum was 29-47 cents higher.  Soybeans were 27-35 cents higher.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
6 to 14 cents higher from 5.98-6.56 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 19 cents higher from 4.58-5.33 per bushel.  St. Louis
truck US No 2 Soft Red Winter terminal bid was 2 cents higher at 4.47 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 7 1/4 to 12 1/4 cents higher from 7.52 3/4-7.57 3/4
per bushel.  Portland US Soft White wheat rail bid was 5 cents lower to 5
cents higher from 5.40-5.50 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was 20 cents higher from 3.96-
4.00 per bushel.  Kansas City US No 2 truck Yellow Corn was 26 cents higher at
3.79 per bushel.  Omaha US No 2 truck Yellow Corn was 27 to 31 cents higher
from 3.72-3.81 per bushel.  Chicago US No 2 Yellow Corn was 26 3/4 cents
higher from 3.70 1/4-3.91 1/4 per bushel.  Toledo US No 2 rail Yellow corn was
26 3/4 to 25 3/4 cents higher from 3.80 1/4-3.83 1/4 per bushel.  Minneapolis
US No 2 Yellow Corn rail was 29 3/4 cents higher at 3.58 1/4 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 2 1/2 cents higher from 1.87-1.97 per bushel.  US No 3 or better rail
malting Barley, 70 percent or better plump out of Minneapolis was not
available 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 47 cents higher at 5.54 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 29 to 38 cents higher from 5.09-5.18 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, were 27 cents higher at 8.63 per
bushel.  Illinois Processors US No 1 Yellow truck soybeans were 28 to 30 cents
higher from 8.97-9.02 per bushel.  Kansas City US No 2 Yellow truck soybeans
were 35 cents higher at 8.97 per bushel.  Central Illinois 48 percent Soybean
meal, processor rail bid was 14.70 to 17.70 higher from 290.50-291.50 per ton.
Central Illinois crude Soybean oil processor bid was 33 points lower from
27.08-27.63 cents per pound.

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

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