USDA National Grain Review

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

WEEKLY NATIONAL GRAIN MARKET REVIEW
   Corn and wheat traded higher on the week, with soybeans closing lower.  Wheat
had sharp gains on Thursday as wheat buyers responded to USDA’s estimate for
China’s wheat crop at 125 mmt down from 130 mmt, with China’s total wheat usage
increasing from 121.5 mmt to 129.5 mmt.  Corn followed wheat higher, as corn
plantings are now 75 percent complete up from 55 percent a week ago and compared
to the five year average of 57 percent.  USDA released its ending stocks report
on Tuesday with estimates for corn having ending stocks at 1.746 bb for 2015-16
season compared to last year’s (2014-15) 1.851 ending stocks.  USDA forecast
that farmers will produce 13.6 bb of corn in 2015-16 with an average yield of
166.8 bpa.  Soybean ending stocks are expected to be 500 mb in 2015-16 from 350
mb in 2014-15.  Soybean production is estimated to be 3.850 bb, down 119 mb from
2104 crop with an average yield of 46 bpa.  Winter wheat production is estimated
at 1.47 bb up 7 percent from last year.  USDA estimates wheat ending stocks for
2015-16 at 793 mb up from 709 mb for 2014-15.  Wheat closed 23-54 cents higher.
Corn traded 4-12 cents higher with sorghum closing 11-12 cents higher.  Soybeans
closed 7-20 cents lower.
   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 51
1/2 to 54 1/2 cents higher from 6.33 1/4-6.51 1/4 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 42 cents higher from 5.09-5.14 per bushel.  Minneapolis
and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was
23 1/2 to 58 1/2 cents higher from 7.56 1/2-7.76 1/2 per bushel.  Portland US
Soft White wheat rail was not available per bushel.
   CORN:  Kansas City US No 2 rail White Corn was steady to 2 cents higher from
3.64-3.70 per bushel.  Kansas City US No 2 truck Yellow Corn was 3 1/2 to 6 1/2
cents higher from 3.68-3.71 per bushel.  Omaha corn was 5 to 6 cents higher from
3.68-3.70 per bushel.  Chicago US No 2 Yellow Corn was 6 1/2 to 12 1/2 cents
higher from 3.53-3.81 per bushel.  Toledo US No 2 rail Yellow corn was 4 1/2 to
7 1/2 cents higher from 3.57-3.64 1/2 per bushel.  Minneapolis US No 2 Yellow
corn rail was 2 1/2 cents lower at 3.49 per bushel.
   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 15 cents higher from 2.62 1/2-3.02 1/2 per bushel.  US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was not
available per bushel.  Portland US 2 Barley, unit trains and Barges-export was
not available.
   SORGHUM:  US No 2 yellow truck, Kansas City was 11 cents higher at 6.57 per
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 11 to 12 cents higher from 6.84-7.22 per bushel.
   OILSEEDS:  Minneapolis Yellow truck soybeans were 18 cents lower at 9.57 per
bushel.  Illinois Processors US No 1 Yellow truck soybeans were 7 to 15 cents
lower from 9.80-9.85 per bushel.  Kansas City US No 2 Yellow truck soybeans were
20 cents lower at 9.75 per bushel.  Illinois 48 percent Soybean meal, processor
rail bid was 9.20 to 14.20 lower from 310.20-317.20 per ton.  Central Illinois
Crude Soybean oil processor bid was 85 points higher from 32.84-33.84 cents per
pound.
SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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