USDA National Grain Review

ST. JOSEPH - May 18/12 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through May 18.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain bids were higher with soybeans trading lower.
Soybeans started the week with sharp losses with wheat and corn holding up well
with slight to modest gains.  Soybeans suffered from bearish outside markets
with long liquidation selling, good planting weather, a sharp break in the stock
market, higher dollar index and sharp losses in crude oil led to the declines.
However, late in the week soybeans surged trimming some losses on China demand.
Wheat saw spillover support from corn and concerns of dry weather in the U.S.
and overseas, along with good weekly export sales.  USDA crop progress reports
released earlier in the week listed a decline in the winter wheat crop which was
now estimated at 60 percent good to excellent, down from 63 percent last
week.  Kansas was lowered from 60 percent last week to 53 percent good to
excellent this week.  The wheat harvest continues through Oklahoma after seeing
delays due to wet weather.  Corn saw gains as tight global corn stocks have
buying interest with a reported large sale to China.  Weekly export sales for
wheat were above estimates coming in at 321,800 tonnes for the current marketing
year and 389,600 for the next totaling 711,400.  Weekly export sales for
soybeans were below expectations coming in at 616,300 tonnes for the current
marketing year and 57,100 for the next totaling 673,400.  Meal sales came in at
114,300 tonnes for the current marketing year and 81,300 for the next for a
total of 195,600.  Soybean Oil sales came well above expectations at 8,100
tonnes for the current marketing year and 40,000 for the next at 48,100.  Weekly
export sales for corn came in below estimates at 339,400 tonnes for the current
marketing year and 525,700 for the next for a total of 865,100 tonnes.
   Wheat was mostly 15-58 cents higher.  Yellow Corn was 31-45 cents higher.
Sorghum was 65-67 cents higher.  Soybeans were 8-15 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 49
1/2 to 94 1/2 cents higher from 7.17-7.62 per bushel.  Kansas City US No 2 Soft
Red winter rail bid was 54 1/2 cents higher from 6.42-7.22 per bushel.  St.
Louis truck US No 2 Soft Red Winter terminal bid was 58 cents higher at 6.75 per
bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5
percent protein rail, was 15 to 30 cents higher from 8.92 1/4-9.22 1/4 per
bushel.  Portland US Soft White wheat rail was 10 to 20 cents higher from 6.80-
7.00 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was 9 to 20 cents lower from 6.26-
6.49 per bushel.  Kansas City US No 2 truck Yellow Corn was 44 cents higher at
6.70 per bushel.  Omaha US No 2 truck Yellow Corn was 42 to 45 cents higher at
6.60 per bushel.  Chicago US No 2 Yellow Corn was 31 1/2 to 37 1/2 cents higher
from 6.24-6.65 per bushel.  Toledo US No 2 rail Yellow corn was 37 1/2 cents
higher from 6.53-6.60 per bushel.  Minneapolis US No 2 Yellow corn rail was 32
1/2 cents higher at 6.27 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 3.53 1/2-3.68 1/2 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was 10 cents
higher at 7.00 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 66 cents higher at 10.45 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 65 to 67 cents higher from 10.63-11.14 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were 13 1/4 cents lower at 14.16
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 14 1/4 to 15
1/4 cents lower from 14.41-14.53 per bushel.  Kansas City US No 2 Yellow truck
soybeans were 8 cents lower at 14.43 per bushel.  Central Illinois 48 percent
Soybean meal, processor rail bid was 4.40 to 6.40 higher from 418.00-436.00 per
ton.  Central Illinois Crude Soybean oil processor bid was 278 points lower from
49.47-50.22 cents per pound.

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

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