USDA National Grain Review

ST. JOSEPH - Aug 13/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Aug 13.

WEEKLY NATIONAL GRAIN MARKET REVIEW

Compared to last week, grain and soybean bids ended mixed.  Wheat recovered
some of the sharp losses from the previous week as the market made a
correction, along with some positive news.  However, negative news over
shadowed most of the grains closing in the red.  The weak outside markets and
a stronger dollar pressured the grains as the stock market and crude oil were
lower.  Most traders were on the sidelines ahead of Thursday’s USDA Production
Report.  By Thursday the markets recovered as tighten stocks to use ratio for
all three grains topped record setting new crop predictions.  Corn had another
year of record production pegging at 13.365 billion bushels and 165 bushels
per acre yield.  Grain traders turned their attention to shrinking stocks as
120 million bushel jump in production from July was off-set by record demand
as ending stocks declined 61 million bushels to 1.312 billion bushels.  Total
export sales for corn were strong at 918,500 tonnes.  Soybeans had increase
production to 3.433 billion bushels with yields of 44 bushel per acre.
Soybeans also had 65 million bushels increase in export demand.  Total export
sales for soybeans came in above trade expectations at 2,607,900 tonnes.  Meal
sales came in at 63,300 tonnes for the current marketing year and 73,000 for
next year for a total of 136,300.  Soybean oil sales were below trade
expectations at 1,900 tonnes for the current marketing year and minus 1,200
for the next marketing year for a total of just 700 tonnes.  Wheat global and
domestic stocks fell by 12.29 million metric tonnes and 141 million bushels.
USDA increased exports by 200 million bushels to 1.2 billion bushels.  Total
export sales for wheat were above expectations at 1,329,700 tonnes.  Weather
across the Midwest and Plains has been very hot with heat indexes reaching in
the triple digits.  Rain has been very spotty with some areas receiving heavy
rain while other locations not seeing a drop.  A cool down is expected this
weekend through next week.
Wheat was mostly 20-55 cents lower.  Corn was 5 cents lower to 12 cents
higher.  Sorghum was steady to 9 cents higher.  Soybeans were 3-34 cents
lower.

WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
32 to 45 cents lower from 7.05-7.25 per bushel.  Kansas City US No 2 Soft Red
Winter rail bid was 55 cents lower from 6.70-7.60 per bushel.  St. Louis truck
US No 2 Soft Red Winter terminal bid was 55 cents lower at 6.49 per bushel.
Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent
protein rail, was 20 1/4 to 35 1/4 cents lower at 7.77 3/4 per bushel.
Portland US Soft White wheat rail was 15 to 30 cents lower from 6.00-6.50 per
bushel.

CORN:  Kansas City US No 2 rail White Corn was 4 to 5 cents lower from
3.66-3.74 per bushel.  Kansas City US No 2 truck Yellow Corn was 2 to 5 cents
lower from 3.71-3.74 per bushel.  Omaha US No 2 truck Yellow Corn was steady
to 3 cents lower from 3.61-3.63 per bushel.  Chicago US No 2 Yellow Corn was 2
3/4 to 7 3/4 cents higher from 3.61 1/4-3.91 1/4 per bushel.  Toledo US No 2
rail Yellow corn was 1 1/4 cents lower to 2 3/4 cents higher from 3.85 1/4-
3.88 1/4 per bushel.  Minneapolis US No 2 Yellow Corn rail was 12 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 10 cents lower at 2.72 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 steady at 6.54 per cwt.
Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer,
fob elevator) was 9 cents higher from 6.51-6.57 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, was 34 1/2 cents lower at 9.97
1/2 per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 5 1/2
to 25 1/2 cents lower from 10.63 1/2-10.98 1/2 per bushel.  Kansas City US No
2 Yellow truck soybeans were 3 cents lower at 10.56 per bushel.  Central
Illinois 48 percent Soybean meal, processor rail bid was 6.20 to 12.20 lower
from 320.40-337.40 per ton.  Central Illinois crude Soybean oil processor bid
was 5 to 20 points lower from 37.56-38.71 cents per pound.

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

---

STAT News Service