Weekly National Grain Market Review
07/16/2010 09:48AM
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SJ_GR851
St. Joseph, MO Fri Jul 16, 2010 USDA-MO Dept of Ag Market News
WEEKLY NATIONAL GRAIN MARKET REVIEW
Compared to last week, grain and soybean bids were moderate to sharply higher
as strong outside markets and a weaker dollar helped support the row-crops. The
wheat market surged higher this week as on Thursday of this week the wheat
market closed mostly limit up. With global wheat production having issues in
Russia, Europe, Argentina and Australia wheat prices have turned bullish after
an extended price draught over the last several weeks the market has turned
around. Hot dry weather conditions and reduced production along with too much
rain in other areas have buyers in the market for wheat. Wheat had light export
sales this week of 309,400 tonnes, with the market hopping for an increase in
demand. With the rally in wheat prices this week it helped to support the corn
market as well. Corn had good export sales of 678,100 tonnes for old crop and
345,300 tonnes for new crop. Soybeans had bullish export sales of 666,500
tonnes for old crop and 558,500 tonnes for new crop. The Cornbelt has had its
share of rain this year with many fields showing a surplus of moisture and the
effects from it with drowned out spots of corn and soybeans and yellow stalks.
There have been some issues of new crop concerns over production levels for this
year but over 60 percent of the crops are in good to excellent condition midway
through this year. In the Cornbelt corn is halfway through pollination and
rated at 65 percent in good to excellent condition and in the southern states
corn crop is well on its way to maturity. Wheat was mostly 18-36 cents higher.
Yellow Corn was mostly 2-7 cents higher. Sorghum was 12 cents higher to 2-13
cents lower. Soybeans were 26-37 cents higher.
WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 18
3/4-36 3/4 cents higher from 5.20 3/4-5.75 3/4 per bushel. Kansas City US No 2
Soft Red Winter rail bid was 43 3/4 cents higher from 5.55 3/4-6.45 3/4 per
bushel. St. Louis truck US No 2 Soft Red Winter terminal bid was 27 cents
higher at 5.70 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring,
14.0 to 14.5 percent protein rail, was 18 1/4 cents higher from 6.62 1/2-6.97
1/2 per bushel. Portland US Soft White wheat rail was unchanged to 20 cents
higher from 4.75-5.00 per bushel.
CORN: Kansas City US No 2 rail White Corn was 2 to 7 cents higher from 3.64-
3.6967 per bushel. Kansas City US No 2 truck Yellow Corn was 4 to 7 cents
higher at 3.75 per bushel. Omaha US No 2 truck Yellow Corn was unchanged to 1
cent higher at 3.59 per bushel. Chicago US No 2 Yellow Corn was 1 cent lower to
4 cents higher from 3.52 1/2-3.83 1/2 per bushel. Toledo US No 2 rail Yellow
corn was 3 to 11 cents higher from 3.77 1/2-3.80 1/2 per bushel. Minneapolis US
No 2 Yellow Corn rail was 9 cents lower at 3.41 1/2 per bushel.
OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 12 cents higher at 2.68 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 12 cents higher at 6.30 per
cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 2 to 13 cents lower from 5.81-6.04 per cwt.
OILSEEDS: Minneapolis Yellow truck soybeans, was 31 cents higher at 10.07 per
bushel. Illinois Processors US No 1 Yellow truck soybeans were 32 to 37 cents
higher from 10.48-10.63 per bushel. Kansas City US No 2 Yellow truck soybeans
were 26 to 31 cents higher at 10.31 per bushel. Central Illinois 48 percent
Soybean meal, processor rail bid was 5.20 to 6.20 higher from 327.60-339.60 per
ton. Central Illinois crude Soybean oil processor bid was 173 points higher
from 35.09-36.34 cents per pound.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
Greg Harrison, Market Reporter (816)238-0678
www.ams.usda.gov/mnreports/SJ_GR851.txt
For more Grain Market News:
www.ams.usda.gov/lsg/mncs/ls_grain.htm
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