St. Joseph, MO Fri Nov 08, 2013 USDA-MO Dept of Ag Market News
WEEKLY NATIONAL GRAIN MARKET REVIEW
Compared to last week, grains traded mostly lower for the week as positioning
ahead of USDA’s Friday’s Nov. 8th Production Report expecting to show record
corn harvest and better than expected soybean yields. Corn crop is expected to
be larger than expected with more than 14 billion bushels of production and
ending stocks also higher. Corn yields are also expected to be well above
September’s projection of 155.3 bpa. Soybean market came under pressure this
week as U.S. harvest advances to its completion are also expecting better yields
than expected. Both corn and soybeans look to have abundant supplies heading to
storage. Corn prices will be influenced by the strength of demand going forward
and rate of consumption as at this time feed demand look doesn’t look to
increase with a record low cattle inventory. Corn had bullish export sales of
1,718,600 mt (67.7 mb) all for 2013-2014. Soybeans also had very bullish export
sales of 1,037,100 mt (38.1 mb) with 1,018,400 mt (37.4 mb) for 2013-2014
marketing year. Whaet had export sales of 427,800 mt (15.7 mb) with 416,800 mt
(15.3 mb) for the 2013-2014 marketing year. Wheat was mostly 10-30 cents lower.
Corn traded mostly 1-7 cents lower with sorghum trading 5-14 cents lower.
Soybeans were mostly 3-10 cents lower.
WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
21-30 cents lower from 8.22 1/2-8.60 1/2 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 10 cents lower at 6.78 per bushel. Minneapolis and
Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 35
3/4-45 3/4 3/4 cents lower from 8.34 1/2-8.64 1/2 per bushel. Portland
US Soft White wheat rail was 9 1/2-14 1/2 cents lower from 6.91-7.08 per
CORN: Kansas City US No 2 rail White Corn was 8 to 11 cents lower from
4.60-4.64 per bushel. Kansas City US No 2 truck Yellow Corn was 2 1/4-7 1/4
cents higher at 4.25 1/2 per bushel. Omaha US No 2 truck Yellow Corn was 5-7
cents lower from 4.13-4.16 per bushel. Chicago US No 2 Yellow Corn was 1/4 cent
higher to 7 3/4 cents lower from 4.10 1/2-4.30 1/2 per bushel. Toledo US No 2
rail Yellow corn was 1 3/4-4 3/4 lower from 3.94 1/2-3.98 1/2 per bushel.
Minneapolis US No 2 Yellow corn rail was 6 1/4 cents higher at 4.12 1/2 per
OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 8 3/4-10 3/4 cents higher from 3.59-3.74 per bushel. US No 3 or better
rail malting Barley, 70 percent or better plump out of Minneapolis was 5 cents
lower at 5.45 per bushel. Portland US 2 Barley, unit trains and Barges-export
was not available.
SORGHUM: US No 2 yellow truck, Kansas City was 14 cents lower at 7.33 per
cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 5 to 14 cents lower from 6.88-7.42 per cwt.
OILSEEDS: Minneapolis Yellow truck soybeans were 13 1/4 cents higher at
12.74 1/2 per bushel. Illinois Processors US No 1 Yellow truck soybeans were 3
3/4 to 8 3/4 cents lower from 12.78 1/2-12.91 1/2 per bushel. Kansas City US
No 2 Yellow truck soybeans were 8 3/4 to 10 3/4 cents lower from 12.69 1/2-12.71
1/2 per bushel. Central Illinois 48 percent Soybean meal, processor rail bid
was .20-3.20 cents higher from 433.80-438.80 per ton. Central Illinois Crude
Soybean oil processor bid was 59 points lower from 39.24-39.99 cents per pound.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO
Greg Harrison, Market Reporter (816)238-0678
For more Grain Market News:
Weekly National Grain Market Review