USDA National Grain Review

ST. JOSEPH - Dec 19/14 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Dec 19.

WEEKLY NATIONAL GRAIN MARKET REVIEW
   Compared to last week, wheat and corn closed higher while soybeans closed lower.  Wheat closed with sharp gains this week as concerns over the Russian economy and the sharp decline in the Russian ruble fueled wheat buying.  Corn on Thursday reached its highest level in five months from good demand on exports, feed usage and ethanol production.  Producer selling is not likely to pick-up till early 2015, but one wonders how much rally is left in this corn market?  Soybeans felt some pressure at mid-week due to lower than expected NOPA soybean crush and the soybean market will watch closely the South American crop.  Continued commercial buying and strong export sales for soybeans remain positive with Chinese demand.  Corn has had good commercial buying interest trying to interest farmers into selling, as many are holding on to their crop for now.  Crude oil fell to a 5 year low falling below 55.00 a barrel this week.  Corn had weekly export sales totaling 27.5 mb with 27.3 mb for 2014-2015 marketing year.  Soybeans had bullish export sales of 38.4 mb with 25.6 mb for 2014-2015 marketing year.  Wheat had export sales totaling 18.7 mb with 17.5 mb for 2014-2015 marketing year.  Wheat for the week closed 45-59 cents higher.  Corn traded 7-18 cents higher with grain sorghum closed mostly 6-22 cents higher.  Soybeans closed 7-14 cents lower.
   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 56
1/4 higher from 7.88 3/4-8.03 3/4 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 58-59 cents higher from 6.55-6.70 per bushel.  Minneapolis and
Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 45
3/4-50 3/4  cents higher from 8.21-8.61 per bushel.  Portland US Soft
White wheat rail was not available.
   CORN:  Kansas City US No 2 rail White Corn was 13 to 15 cents higher from
3.97-4.04 per bushel.  Kansas City US No 2 truck Yellow Corn was 6 1/2-12 1/2
cents higher from 3.83-3.89 per bushel.  Omaha US No 2 truck Yellow Corn was 7-
15 cents higher from 3.84-3.94 per bushel.  Chicago US No 2 Yellow Corn was 12
1/2 cents higher from 3.77-4.03 per bushel.  Toledo US No 2 rail Yellow corn was
13 1/2-18 1/2 cents higher from 3.87-3.93 per bushel.  Minneapolis US No 2
Yellow corn rail was 12 1/2 ents higher at 3.71 per bushel.
   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 4 3/4 cents higher from 3.31 1/4-3.66 1/4 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was steady at
7.35 per bushel.  Portland US 2 Barley, unit trains and Barges-export was not
available.
   SORGHUM:  US No 2 yellow truck, Kansas City was 6 cents higher at 7.35 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 22-91 cents higher from 7.61-7.77 per cwt.
   OILSEEDS:  Minneapolis Yellow truck soybeans were 12 1/4 cents lower at 9.85
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 12 1/4-14
1/4 cents lower from 10.30-10.45 per bushel.  Kansas City US No 2 Yellow truck
soybeans were 7 1/4 cents lower at 10.30 per bushel.  Illinois 48 percent
Soybean meal, processor rail bid was 20.20-25.20 lower from 421.30-425.30 per
ton.  Central Illinois Crude Soybean oil processor bid was 13 to 63 points lower
from 31.39-33.49 cents per pound.
SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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STAT News Service