SJ_GR851 St. Joseph, MO Thu Jul 03, 2008 USDA-MO Dept of Ag Market News WEEKLY NATIONAL GRAIN MARKET REVIEW For the week grain bids were lower for the exception of soybeans which were sharply higher. Wheat was pressured by favorable harvest weather in the winter wheat region. Delays were reported late in the week as thunderstorms moved into some parts of the winter wheat region. Weekly export sales for wheat were strong coming in at 668,100 tonnes. Quarterly Wheat Stocks as of June 1, 2008 were estimated at 305.6 million bushels compared to 456 million in 2007 which was 40-45 million bushels higher than trade estimates near 260-265 million bushels and is also the ending stocks for the 2007/2008 season. All Wheat planted area came in at 63.457 million acres compared to 63.803 million acres in March and trade estimates near 63.8 million acres. Yellow corn saw losses due to bearish USDA report on last Friday and favorable weather across the Midwest for crop conditions to improve. Planted acreage for US corn was estimated at 87.327 million acres compared to 86.014 million acres on March 1st and 93.6 million in 2007/08. Estimated harvested acreage was at 78.94 million which is only 100,000 acres above the March estimate. Corn stocks as of June 1, 2008 came in at 4.028 billion bushels compared to 6.858 billion bushels on March 1st. This was about 135 million bushels above trade estimates and suggests usage is not as strong as the current USDA demand forecasts. Export sales for corn came in at 325,900 tonnes for old crop and new crop sales were 302,500 tonnes. Soybeans saw sharp gains as ending stocks were above expectations and yield potential down. The higher outside markets also lend support. Weekly export sales for soybeans were good coming in at 465,900 tonnes for old crop and new crop at 176,500 tonnes. USDA's Planting Acreage Report last Friday was considered negative coming in at 74.53 million acres which was slightly above trade expectations. Stocks as of June 1st came in at 676 million bushels which was slightly above trade expectations. Wheat was mostly 71 cents to 1.96 lower. Yellow corn was 4-21 cents lower. Sorghum was mostly 19-39 cents lower. Soybeans were 71-83 cents higher. WHEAT: Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 42 1/4 cents to 1.72 1/4 lower from 9.07 1/4-9.52 1/4 per bushel. Kansas City US No 2 Soft Red Winter rail bid was 1.27 1/2 to 1.52 1/2 lower from 7.22 1/4-7.97 1/4 per bushel. St. Louis truck US No 2 Soft Red Winter terminal bid was 71 cents lower at 6.23 per bushel. Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 1.96 3/4 higher at 10.38 per bushel. Portland US Soft White wheat rail bid was not available. CORN: Kansas City US No 2 rail White Corn was 38 to 39 cents higher from 7.39-7.49 per bushel. Kansas City US No 2 truck Yellow Corn was 7 to 9 cents lower from 7.28-7.31 per bushel. Omaha US No 2 truck Yellow Corn was 10 to 14 cents lower from 7.03-7.07 per bushel. Chicago US No 2 Yellow Corn was 4 to 21 cents lower from 6.99 3/4-7.22 3/4 per bushel. Toledo US No 2 rail Yellow corn was 8 to 9 cents lower from 7.05 3/4-7.15 3/4 per bushel. Minneapolis US No 2 Yellow Corn rail was 13 1/2 cents lower at 6.74 3/4 per bushel. OATS AND BARLEY: US 2 or Better oats, rail bid to arrive at Minneapolis 20 day no bid. US No 3 or better rail malting Barley, 70 percent or better plump out of Minneapolis was steady at 7.50 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 39 cents lower at 12.09 per cwt. Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 19 cents lower to 2 cents higher from 12.48-12.60 per cwt. OILSEEDS: Minneapolis Yellow truck soybeans, was 79 3/4 cents higher at 15.89 per bushel. Illinois Processors US No 1 Yellow truck soybeans were 71 3/4 to 73 3/4 cents higher from 16.41-16.51 per bushel. Kansas City US No 2 Yellow truck soybeans were 83 cents higher at 16.37 per bushel. Central Illinois 48 percent Soybean meal, processor rail bid was 29.30 to 30.30 higher from 448.50-455.50 per ton. Central Illinois crude Soybean oil processor bid was 162 to 187 points higher from 65.53-66.03 cents per pound. SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO Baldemar Ortiz, 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 1515c bro .