USDA National Grain Review

ST. JOSEPH - Nov 19/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Nov 19.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain bids were lower with the week having a highly
volatile trade since last Friday’s limit down markets.  Monday’s markets were
sharply higher on buyer interest than were followed sharply lower on Tuesday.
There was and still remains concern over China’s monetary tightening and
interest rate hike to stem inflation, as China is a significant buyer of global
grains and other raw materials as this could impose price controls on a number
of food and production materials.  This had grain traders in a selling mood to
trim their positions since last Friday and this week as well.  There also
remains some concern over debt issues in European countries as Ireland and
Greece have heavy debt burdens.  Corn had export sales for the 5th week in a row
that came in below expectations.  This week’s corn export sales totaled 533,700
tonnes (21 mb).  Weekly export sales for soybeans were again bullish keeping the
market well ahead of pace for USDA’s demand projections.  This week’s export
sales for soybeans totaled 1,175,500 tonnes (43.2 mb) for both old and new crop.
Wheat had weekly export sales above expectations at 943,400 tonnes (34.7 mb) as
a weaker dollar also help to support sales.  Wheat conditions remain dry in
portions of the Central and Southern Plains.
   Wheat was mostly 36-57 cents lower for the week.  Yellow Corn traded 12-22
cents lower.  Sorghum was steady to 40 cents lower.  Soybeans were 87-97 cents
lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 47
3/4-51 3/4 cents lower from 670.1/4-7.01 1/4 per bushel.  Kansas City US No 2
Soft Red Winter rail bid was 57 3/4 cents lower from 6.65 1/4-7.55 1/4 per
bushel.  St. Louis truck US No 2 Soft Red Winter terminal bid was 36 cents lower
at 6.61 per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0
to 14.5 percent protein rail, was 37 3/4-57 3/4 cents lower from 8.04-8.44 per
bushel.  Portland US Soft White wheat rail was not available.

   CORN:  Kansas City US No 2 rail White Corn was 24 to 37 cents lower from
5.36-5.66 per bushel.  Kansas City US No 2 truck Yellow Corn was 12-17 cents
lower at 5.22 per bushel.  Omaha US No 2 truck Yellow Corn was 17 to 19 cents
lower from 5.18-5.26 per bushel.  Chicago US No 2 Yellow Corn was 22 1/4 cents
lower from 4.96 3/4-5.31 3/4 bushel.  Toledo US No 2 rail Yellow corn was 4 1/4
-7 1/4 cents lower from 5.37 3/4-5.38 3/4 per bushel.  Minneapolis US No 2
Yellow Corn rail was 2 3/4 cents higher at 4.94 3/4 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 2 cents higher from 3.45 1/2-3.65 1/2 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was steady at
4.70 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 40 cents lower at 9.23 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was unchanged to 27 cents lower from 8.42-8.87 cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, were not available.  Illinois
Processors US No 1 Yellow truck soybeans were 87-97 cents lower from 12.32-12.50
per bushel.  Kansas City US No 2 Yellow truck soybeans were 87 lower at 12.12
per bushel.  Central Illinois 48 percent Soybean meal, processor rail bid was
23.10-24.10 lower from 331.00-339.00 per ton.  Central Illinois crude Soybean
oil processor bid was 411-421 points lower from 46.92-48.12 cents per pound.

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

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