ST. JOSEPH - Jun 21/13 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Jun 21.
WEEKLY NATIONAL GRAIN MARKET REVIEW Compared to last week, grain and soybean bids were mostly higher. Grains on Wednesday had sharp gains as expectations are for USDA to reduce corn acres in their acreage report on June 28th. Grain traders seem unsure how many acres of corn farmers have failed to plant this spring, the acreage report will give a better idea with early estimates are expecting 2-3 million acres less, but surprises are possible. Soybeans got a boost on Wednesday as more rain was predicted for Iowa, Minnesota and Wisconsin which already had planting delays with 85 percent of the soybean acres completed. Soybeans have tight near term supply that continues to give a boost to basis levels as demand for end users such as soybean processors push for supplies. On Thursday grains and most other commodities suffered sharp losses with the biggest distraction coming from the Federal Reserve statements on Wednesday stating that the Fed may slow down in its bond purchases. The Stock Market closed with a 350 point drop its second day in a row of sharp losses, crude oil had sharp losses as did precious metals. Wheat followed grains lower on Thursday as it succumbed to pressure from major sell-offs, also wheat is faced with seasonal harvest pressure. Corn had weekly export sales on the sluggish side totaling 210,500 mt (8.3 mb) with 133,400 mt (5.3 mb) for current marketing year 2012-2013. Soybeans had weak export sales totaling 161,100 mt (5.9 mb) with only 52,600 mt (1.9 mb) for 2012-2013 season. Wheat had weekly export sales totaling 432,700 mt (15.9 mb). Wheat closed mostly 10-28 cents higher. Corn traded mostly 22-32 cents higher while sorghum closed 31-70 cents higher. Soybeans closed mostly 5-29 cents higher. WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 27 1/2 to 28 1/2 cents higher from 8.22-8.83 per bushel. Kansas City US No 2 Soft Red winter rail bid was not quoted. St. Louis truck US No 2 Soft Red Winter terminal bid was 10 cents higher at 7.15 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 4 cents higher to 11 cents lower from 9.09-9.14 per bushel. Portland US Soft White wheat rail was not available per bushel. CORN: Kansas City US No 2 rail White Corn was 3-4 cents higher from 7.12- 7.28 per bushel. Kansas City US No 2 truck Yellow Corn was 29 to 30 cents higher from 7.41-7.47 per bushel. Omaha US No 2 truck Yellow Corn was 19 to 25 cents higher from 7.30-7.36 per bushel. Chicago US No 2 Yellow Corn was 29 3/4 cents higher from 6.98 1/4-7.33 1/4 per bushel. Toledo US No 2 rail Yellow corn was 32 3/4 cents higher from 7.14 1/4-7.15 1/4 per bushel. Minneapolis US No 2 Yellow corn rail was 22 3/4 cents lower at 7.03 1/4 per bushel. OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20 day was 13 1/2 cents lower from 4.14 3/4-4.24 3/4 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. SORGHUM: US No 2 yellow truck, Kansas City was 70 cents higher at 12.20 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 31 to 53 cents higher from 12.01-12.17 per cwt. OILSEEDS: Minneapolis Yellow truck soybeans were 15 3/4 cents lower at 14.99 1/2 per bushel. Illinois Processors US No 1 Yellow truck soybeans were 5 1/4 cents higher to 2 3/4 cents lower from 15.47 1/2-15.67 1/2 per bushel. Kansas City US No 2 Yellow truck soybeans were 29 cents higher at 15.46 per bushel. Central Illinois 48 percent Soybean meal, processor rail bid was 5.00 to 7.00 lower from 481.60-490.60 per ton. Central Illinois Crude Soybean oil processor bid was 65 to 106 points higher from 47.15-49.40 cents per pound. SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
---
STAT News Service
Only active subscribers can read all of this article.
If you are a subscriber, please log into the website.
If you are not a subscriber, click here to subscribe to this edition of the STAT website and to learn more about becoming a subscriber.