USDA National Grain Review
ST. JOSEPH - Jul 30/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Jul 30.
WEEKLY NATIONAL GRAIN MARKET REVIEW Compared to last week, Wheat was the driving force in the grain markets this week with the ongoing draught concerns in Russia and now Romania has joined the list of countries with lower wheat production as overseas wheat problems have spark bullish optimism. The International Grain Councils monthly report cut global wheat production by 13 million metric tonnes to 651 mmt which it noted would still be the third highest crop on record. But ongoing concerns about the European and Russian wheat problems will dominate headlines. The bullish wheat market is helping to make the U.S. corn market more attractive for the potential increase in demand for corn and wheat. Good crop conditions for corn has mostly now cleared the hurdle of pollination development with soil moisture supplies very good at this time was given a major boost from July 18th through the 25th as major rains fell across the central and eastern Midwest. With localized flooding through eastern Iowa, Missouri, parts of Illinois and reaching into Wisconsin the major effect of this widespread rain has ample supplies of moisture in some of the highest producing regions of the Midwest as we head into the last third of the growing season. Grain traders will continue to keep close watch on the weather both locally and abroad as there remains little margin of error when it comes to grain production. Demand for U.S. soybeans remains bullish with strong old and new crop export sales of 339,000 tonnes for old crop and 1.144,200 tonnes for next year. Corn had export sales in line with expectations of 423,300 tonnes for current year and 528,100 tonnes for next year. Wheat had export sales above expectations and the highest in six weeks at 919,900 tonnes. Wheat futures reached their highest levels in over a year with wheat hoping to have a big boost in foreign sales. Wheat for the week was mostly 10-65 cents higher. Corn traded mostly 2-3 cents higher. Sorghum was 3-25 cents higher. Soybeans closed 8-10 cents higher. WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 10 1/2-34 1/2 cents higher from 5.51 1/4-5.76 1/4 per bushel. Kansas City US No 2 Soft Red Winter rail bid was 6 cents higher from 5.61 3/4-6.51 3/4 per bushel. St. Louis truck US No 2 Soft Red Winter terminal bid was 34 1/2 cents higher at 5.82 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 65 1/2-80 1/2 cents higher from 7.33 1/4-7.48 1/4 per bushel. Portland US Soft White wheat rail was 10-45 cents higher from 5.00-5.50 per bushel. CORN: Kansas City US No 2 rail White Corn was 12 to 15 cents lower from 3.36-3.44 per bushel. Kansas City US No 2 truck Yellow Corn was 2 cents higher at 3.51 per bushel. Omaha US No 2 truck Yellow Corn was unchanged to 2 cents higher at 3.43-3.45 per bushel. Chicago US No 2 Yellow Corn was 1/4 cent lower to 2 3/4 cents higher from 3.39 1/4-3.63 1/4 1/2 per bushel. Toledo US No 2 rail Yellow corn was 2 3/4 cents higher from 3.63 1/4-3.67 1/4 per bushel. Minneapolis US No 2 Yellow Corn rail was 2 3/4 cents higher at 3.20 1/4 per bushel. OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20 day was 6 1/2-11 1/2 cents higher at 2.61 1/2-2.66 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 per cwt. SORGHUM: US No 2 yellow truck, Kansas City was 3 cents higher at 6.05 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 25 to 32 cents higher from 5.79-6.07 per cwt. OILSEEDS: Minneapolis Yellow truck soybeans, was 9 3/4 cents higher at 10.07 3/4 per bushel. Illinois Processors US No 1 Yellow truck soybeans were 1 1/2 cents lower to 7 1/2 cents higher from 10.45-10.53 per bushel. Kansas City US No 2 Yellow truck soybeans were 8 cents higher at 10.28 per bushel. Central Illinois 48 percent Soybean meal, processor rail bid was 4.20 to 5.20 higher from 323.40-336.40 per ton. Central Illinois crude Soybean oil processor bid was 37 points higher from 35.62-37.02 cents per pound. SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
STAT News Service