USDA National Grain Review

ST. JOSEPH - Aug 15/14 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Aug 15.

WEEKLY NATIONAL GRAIN MARKET REVIEW
   Compared to last week, Corn closed with modest gains, soybeans had slight to
modest gains while wheat traded lower.  Corn and soybean crops are still
seeing pleasant to ideal weather conditions across the Corn Belt as August’s
weather started with good growing conditions that are weighing on the markets.
Corn and soybeans traders are still aware of bearish fundamental situations as
the forthcoming U.S. crop looks to set records with ending stocks expected to
increase significantly as yield estimates continue to improve.  USDA issued its
USDA WASDE Report this week with mostly bearish estimates.  Corn had yield
estimates of 167.4 bpa and 14.032 billion bushels both a little less than
expected but setting new highs in yield and production.  Soybeans had a 45.4 bpa
average and 3.816 billion bushels.  Wheat had increased ending stocks from 660
mb to 663 mb.  Weekly export sales for corn totaled 26.4 mb with 4.6 mb in
reductions for 2013-2014 marketing year.  Soybeans had weekly export sales of 42
mb with 2.3 mb for the 2013-2014 marketing year.  Wheat had weekly export sales
of 12.4 mb for the 2014-2015 marketing year.  Wheat closed the week mostly 16-38
cents lower.  Corn traded 2 1/2-10 cents higher, with sorghum mostly 49 cents
lower.  Soybeans closed 3-38 cents higher.
   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 38
1/4 cents lower from 6.98-7.18 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 16-24 cents lower from 4.89-5.07 per bushel.  Minneapolis and Duluth US No 1
Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 43 3/4-68 3/4 cents
lower from 7.60 3/4-8.05 3/4 per bushel.  Portland US Soft White wheat rail was
6 1/2 cents lower  to 15 3/4 higher from 6.77 1/4-6.90 per bushel.
   CORN:  Kansas City US No 2 rail White Corn had no bid this week.  Kansas City
US No 2 truck Yellow Corn was 2 1/2-10 1/2 cents higher at 3.69 per bushel.
Omaha US No 2 truck Yellow Corn was 7-8 cents higher from 3.53-3.54 per bushel.
Chicago US No 2 Yellow Corn was 4 1/2-9 1/2 cents higher from 3.54-3.82 per
bushel.  Toledo US No 2 rail Yellow corn was 5 1/2 cents higher from 3.54-3.56
per bushel.  Minneapolis US No 2 Yellow corn rail was 5 1/2 cents lower at 3.31
per bushel.
   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 3 1/2 cents lower at 3.78 1/4 per bushel.  US No 3 or better rail
malting Barley, 70 percent or better plump out of Minneapolis was .05 cents
higher at 5.90 per bushel.  Portland US 2 Barley, unit trains and Barges-export
was not available.
   SORGHUM:  US No 2 yellow truck, Kansas City was 49 cents lower at 5.96 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 4 to 5 cents higher from 6.20-6.37 per cwt.
   OILSEEDS:  Minneapolis Yellow truck soybeans were 1.56 cents lower at 10.32
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 13-38 cents
higher from 12.61-13.16 per bushel.  Kansas City US No 2 Yellow truck soybeans
were 3 cents higher at 12.56 per bushel.  Central Illinois 48 percent Soybean
meal, processor rail bid was 6.80-18.80 higher from 443.40-457.40 per ton.
Central Illinois Crude Soybean oil processor bid 160-169 points lower from
34.01-35.51 cents per pound.
SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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