USDA National Grain Review

ST. JOSEPH - Mar 12/10 - SNS -- The USDA issued its latest weekly national grain market review, covering the period through Mar 12.

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grain and soybean bids traded lower.  Funds were
sellers early in the week for wheat and corn as traders were waiting for the
USDA Supply and Demand report.  When the numbers were released Wednesday
morning, wheat and corn was bearish which pressured the markets.  However,
soybeans were considered neutral posting gains on the board but by the end of
the week the market saw double digit losses due to disappointing weekly export
sales.  The U.S. wheat ending stocks were raised 1.001 billion bushels which
was the largest projection since 1987-1988.  Exports were left the same at the
lowest level since 1971.  Soft red ending stocks were up by 4 million bushels
to 207 million bushels.  Global ending stocks were also up to 196.7 million
tonnes from 195.8 million last month.
   Corn ending stocks were up to 1.799 billion bushels from 1.719 billion last
month.  Exports were lowered at 1.9 billion.  The USDA also changed the 2009-
2010 average corn yield down to 164.9 bushels per acre from 165.2 in February.
Global ending stocks for 2009-2010 season came in at 140.15 million tonnes
versus 134.04 million tonnes in February and 146.40 million tonnes last year.
Global usage was changed slightly higher and world production went up to
803.69 million tonnes.
   Soybean ending stocks for 2009-2010 were lowered to 190 million bushels
from 210 million bushels in last month.  Exports were changed higher by 20
million bushels and crush was raised by 10 million.  Soybean oil ending stocks
were up sharply to 2.637 billion pounds from 2.227 million in February.
Brazil production pegged at 67 million tonnes as compared to 66 million tonnes
last month.  Argentina was left unchanged at 53 million tonnes.  Global
soybean ending stocks for 2009-2010 were up to 60.67 million tonnes from 59.73
million tonnes last month.
  Weekly export sales for wheat came in the high end of trade estimates at a
total of 448,400 tonnes.  Corn net export sales came in less than expected at
338,900 tonnes.  Soybean exports listed net sales at a negative 115,800 tonnes
for the current marketing year and 65,100 for next year for a total of minus
50,700 tonnes.
   Wheat was mostly 13-32 cents lower.  Corn was 16-19 cents lower.  Sorghum
was 17-25 cents lower.  Soybeans were 11-16 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was
18 1/4 cents lower from 4.63 1/2-5.28 1/2 per bushel.  Kansas City US No 2
Soft Red Winter rail bid was 13 1/4 cents lower from 4.34 1/2-5.44 1/2 per
bushel.  St. Louis truck US No 2 Soft Red Winter terminal bid was 32 cents
lower at 4.03 per bushel.  Minneapolis and Duluth US No 1 Dark Northern
Spring, 14.0 to 14.5 percent protein rail, was 25 1/4 cents lower to 4 3/4
cents higher from 6.74 1/2-7.24 1/2 per bushel.  Portland US Soft White wheat
rail was steady to 5 cents higher from 4.55-4.65 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was 18 to 19 cents lower from
3.83-3.91 per bushel.  Kansas City US No 2 truck Yellow Corn was 16 to 17
cents lower from 3.50-3.55 per bushel.  Omaha US No 2 truck Yellow Corn was 17
cents lower from 3.43-3.45 per bushel.  Chicago US No 2 Yellow Corn was 17 3/4
cents lower from 3.30 1/4-3.58 1/4 per bushel.  Toledo US No 2 rail Yellow
corn was 17 3/4 cents lower from 3.30 1/4-3.35 1/4 per bushel.  Minneapolis US
No 2 Yellow Corn rail was 16 3/4 cents lower at 3.09 1/4 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20
day was 10 cents lower at 2.16 1/2 per bushel.  US No 3 or better rail malting
Barley, 70 percent or better plump out of Minneapolis no quote 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 17 to 23 cents lower at
5.63 per cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to
the farmer, fob elevator) was 23 to 25 cents lower from 5.54-5.81 per cwt.

OILSEEDS:  Minneapolis Yellow truck soybeans, no bid.  Illinois Processors US
No 1 Yellow truck soybeans were 11 1/2 to 16 1/2 cents lower from 9.15 1/2-
9.35 1/2 per bushel.  Kansas City US No 2 Yellow truck soybeans were 16 cents
lower at 9.21 per bushel.  Central Illinois 48 percent Soybean meal, processor
rail bid was 5.30-7.30 lower from 260.60-268.60 per ton.  Central Illinois
crude Soybean oil processor bid was 45 points higher from 36.11-37.61 cents
per pound.

SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO

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STAT News Service

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