USDA National Grain Review

ST. JOSEPH - Jul 23/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Jul 23.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, corn and soybeans bids were moderate to sharply lower
(mostly on corn) were pressured by selling.  Wheat closed the week mixed after
sharp gains last week as continued concerns over the draught in Russia persist.
USDA’s weekly Crop Progress report indicates that both corn and soybean crops
remain mostly unchanged from the week before.  The percentage of corn acres
rated good to excellent fell by 1 percent to 72 percent this week, which is
still 1 percent higher than last year.  USDA estimates that 65 percent of the
corn acres are in the silking stage, far ahead of last year’s pace of 30
percent.  Favorable weather conditions forecasted for the weekend and into next
week after some heavy rains this week moved across the Mid-West has lead to
local flooding in many areas.  The hot temperatures this week were not as
damaging as they could have been could lead to higher crop condition ratings on
Monday.  Soybeans have an estimated 60 percent blooming and 18 percent setting
pods also well ahead of last year’s pace.  Grain traders will continue to keep
close watch on the weather both locally and abroad as grain production problems
seem to keep popping up.  Demand for U.S. soybeans remains strong with exports
coming in at 111,800 tonnes for current year and 1,115,400 tonnes for next year.
Corn had weekly export sales of 614,100 tonnes for current year and 540,900
tonnes for next year.  Wheat had export sales near expectations of 382,100
tonnes.  Wheat for the week was mixed closing from 4-15 cents lower to 4-6 cents
higher.  Corn traded mostly 16-26 cents lower.  Sorghum was 27-29 cents lower.
Soybeans closed 9-11 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 4-
10 cents lower from 5.16 3/4-5.65 3/4 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 6 cents higher from 5.61 3/4-6.51 3/4 per bushel.  St. Louis
truck US No 2 Soft Red Winter terminal bid was 4 cents higher at 5.74 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 9 3/4-14 3/4 cents lower from 6.52 3/4-6.82 3/4 per
bushel.  Portland US Soft White wheat rail was 5-15 cents higher from 4.90-5.05
per bushel.

   CORN:  Kansas City US No 2 rail White Corn was 8 to 10 cents lower from 3.48-
3.59 per bushel.  Kansas City US No 2 truck Yellow Corn was 26 cents lower at
3.49 per bushel.  Omaha US No 2 truck Yellow Corn was 16 cents lower at 3.43 per
bushel.  Chicago US No 2 Yellow Corn was 16-20 cents lower from 3.36 1/2-3.63
1/2 per bushel.  Toledo US No 2 rail Yellow corn was 16 to 17 cents lower from
3.60 1/2-3.64 1/2 per bushel.  Minneapolis US No 2 Yellow Corn rail was 24 cents
lower at 3.17 1/2 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 13 1/2 cents lower at 2.55 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 28 cents lower at 6.02 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 27 to 29 cents lower from 5.54-5.75 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, was 9 cents lower at 9.98 per
bushel.  Illinois Processors US No 1 Yellow truck soybeans were 8 1/2 to 9 1/2
cents lower from 10.38 1/2-10.54 1/2 per bushel.  Kansas City US No 2 Yellow
truck soybeans were 11 cents lower at 10.20 per bushel.  Central Illinois 48
percent Soybean meal, processor rail bid was 7.40 to 9.40 lower from 318.20-
332.20 per ton.  Central Illinois crude Soybean oil processor bid was 16 to 31
points higher from 35.25-36.65 cents per pound.

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

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