USDA National Grain Review

ST. JOSEPH - Jan 22/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Jan 22.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain and soybean bids were lower.  On Monday the
markets were closed due to the Martin Luther King Holiday.  However, on Tuesday
the markets opened on a negative tone upon news of slumping exports and supply
and demand situation for wheat.  Corn came under pressure and soybeans also
followed through closing lower on last week’s bearish report.  There was extreme
outside pressure from markets as the dollar was sharply higher, crude oil and
gold sharply lower with the stock market also closing lower.  Late in the week
the grain markets got a break on fund buying, along with good export demand for
soybeans.  The International Grains Council released its first estimate of world
wheat production for 2010-2011 at 653 million tonnes which would be down 21
million tonnes from 2009-2010 due to lower planted area.  Despite the projected
drop it would still be the third largest world wheat crop on record.  The
monthly world crop forecast for corn 2009-2010 came in at 791 million tonnes, up
4.0 million tonnes from its previous forecast.  Argentina's Agriculture Ministry
raised their wheat estimate up to 7.5 million tonnes as compared to 7.0 million
tonnes on the previous report.  Corn estimated area planted was lowered at 3.1
million hectares as compared to 3.16 million on their previous report.  Soybeans
planted area was left unchanged at 18.2 million hectares.
   Wheat was mostly 18-29 cents lower.  Corn was mostly 4-10 cents lower.
Sorghum was 16 cents lower to 5 cents higher.  Soybeans were 23-28 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 12
1/2 to 22 1/2 cents lower from 4.74 1/2-5.44 1/2 per bushel.  Kansas City US No
2 Soft Red Winter rail bid was 18 1/2 to 23 1/2 cents lower from 4.48 1/2-5.43
1/2 per bushel.  St. Louis truck US No 2 Soft Red Winter terminal bid was 23
cents lower at 4.01 per bushel.  Minneapolis and Duluth US No 1 Dark Northern
Spring, 14.0 to 14.5 percent protein rail, was 29 1/2 to 59 1/2 cents lower at
6.77 1/4 per bushel.  Portland US Soft White wheat rail was 5 cents lower from
4.60-4.80 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was steady to 8 cents lower from
3.78-3.85 per bushel.  Kansas City US No 2 truck Yellow Corn was 9 to 10 cents
lower from 3.47-3.52 per bushel.  Omaha US No 2 truck Yellow Corn was 6 to 9
cents lower from 3.45-3.50 per bushel.  Chicago US No 2 Yellow Corn was 4 to 9
cents lower from 3.27-3.64 per bushel.  Toledo US No 2 rail Yellow corn was 6 to
9 cents lower from 3.32-3.37 per bushel.  Minneapolis US No 2 Yellow Corn rail
was 1 cent higher at 3.24 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 13 to 23 cents lower at 2.23 per bushel.  US No 3 or better rail malting
Barley, 70 percent or better plump out of Minneapolis was 10 cents lower at 3.30
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 5 cents higher at 5.66 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 16 cents lower from 5.57-5.84 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, no bid.  Illinois Processors US No
1 Yellow truck soybeans were 25 to 28 cents lower from 9.54-9.64 per bushel.
Kansas City US No 2 Yellow truck soybeans were 23 to 25 cents lower from 9.34-
9.36 per bushel.  Central Illinois 48 percent Soybean meal, processor rail bid
was 2.90 to 3.90 lower from 300.50-315.50 per ton.  Central Illinois crude
Soybean oil processor bid was 153 points lower from 33.25-34.25 cents per pound.

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

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