USDA National Grain Review

ST. JOSEPH - Jul 12/13 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Jul 12.

WEEKLY NATIONAL GRAIN MARKET REVIEW
   Compared to last week, corn and wheat closing higher with soybeans closing
mixed to higher for the week.  July corn continues to draw support from tight
current supplies and good export demand.  Soybeans are seeing lower basis as
basis levels continue to weaken.  Wheat had support from stronger than expected
export sales with the thoughts that demand will continue.  Wheat is also seeing
harvest pressure weaken.  At this time the biggest concern for corn and soybeans
turns to weather as hot temperatures move across the Corn Belt with the western
section of the Corn Belt having more concerns with hot temperatures and how it
will affect late developing crops at this time.  Thursday’s USDA Supply and
Demand Report showed few surprises as corn and soybean estimates were in range
of expectations.  Corn had domestic ending stocks for 2013-2014 increased by 10
million bushels and kept estimated yields unchanged at 156.5 bpa with old crop
ending stocks trimmed by 40 million bushels to 729 mb.  Soybean ending stocks
for 2012-2013 were left unchanged at 125 mb as new crop stocks were increased by
30 mb to 295 mb.  Wheat stocks were cut by 83 mb to 576 mb with old crop wheat
stocks being trimmed by 28 mb, globally wheat stocks were tightened with ending
world stocks for 2013-2014 declining by 8.9 mmt to 172.38 mmt.  Weekly export
sales for corn were above expectations at 1,049,800 mt (41.3 mb) with 392,000 mt
(9.2 mb) for 2012-2013.  Weekly export sales for soybeans totaled 339,900 mt (16
mb) with cancellations of 70,900 mt (2.6 mb) for 2012-2013.  Total sales of
soybeans for 2012-2013 remain well above expectations.  Wheat had very bullish
export sales totaling 1,473,300 mt (54.1 mb).  For the week wheat closed 14-31
cents higher.  Corn traded 28-48 cents higher while sorghum closed mostly 43-53
cents higher.  Soybeans closed mostly 1-10 cents higher with instances 4-7 cents
lower depending on basis levels.
   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 14
to 31 cents higher from 7.83 1/2-8.65 1/2 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 23 cents higher at 6.93 per bushel.  Minneapolis and Duluth US
No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 23 to 33 cents
lower at 8.77 1/4 per bushel.  Portland US Soft White wheat rail was 23 cents
higher from 7.33-7.53 per bushel.
   CORN:  Kansas City US No 2 rail White Corn was 16 to 24 cents higher from
6.87-7.01 per bushel.  Kansas City US No 2 truck Yellow Corn was 37 to 39 cents
higher at 7.16 per bushel.  Omaha US No 2 truck Yellow Corn was 39 to 41 cents
higher from 7.11-7.16 per bushel.  Chicago US No 2 Yellow Corn was 28 1/2 to 48
1/2 cents higher from 6.50 3/4-7.10 3/4 per bushel.  Toledo US No 2 rail Yellow
corn was 47 1/2 to 48 1/2 cents higher from 6.92 3/4-6.95 3/4 per bushel.
Minneapolis US No 2 Yellow corn rail was 41 1/2 cents higher at 6.94 3/4 per
bushel.
   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 2 3/4 cents lower from 3.86 1/4-3.91 1/4 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was steady at
6.85 per bushel.  Portland US 2 Barley, unit trains and Barges-export was not
available.
   SORGHUM:  US No 2 yellow truck, Kansas City was 43 cents higher at 11.82 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 14 cents lower to 53 cents higher at 11.80 per cwt.
   OILSEEDS:  Minneapolis Yellow truck soybeans were 7 1/4 cents lower at 15.71
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 5 3/4 to 10
3/4 cents higher from 16.12-16.27 per bushel.  Kansas City US No 2 Yellow truck
soybeans were 4 cents lower to 1 cent higher from 15.97-16.02 per bushel.
Central Illinois 48 percent Soybean meal, processor rail bid was 36.40 to 43.40
higher from 560.00-584.00 per ton.  Central Illinois Crude Soybean oil processor
bid was 69 points lower from 45.43-47.28 cents per pound.
SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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