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USDA Review: Grains Ended Higher Off USDA Reports

USDA Review: Grains Ended Higher Off USDA Reports

14 October 2012

US - Grains ended the week on a high note as the first part of the week grain trade was mostly quiet waiting for Thursday’s USDA Supply and Demand Report.

On Thursday grains were off and running with all grains sharply higher.

USDA’s report had corn ending stocks for 2012/13 lowered to 619 mb down from 733 mb in September. Corn yields were pegged at 122 bpa down from 122.8 bpa in September. Overall corn production for 2012/13 was lowered 21 mb to 10.706 bb. Corn use also is projected to drop by 100 mb due to reduced exports.

Soybeans had ending stocks of 130 mb compared to 115 mb last month. Soybean production was forecasted at 2,860 bb up 226 mb on higher yields estimated at 37.8 bpa up 2.5 bpa from September.

Wheat had ending stocks declining by 44 mb to 654 mb. Harvest continues at a brisk pace with corn near 70 percent harvested and soybeans near 58 percent completed.

Weekly exports for corn were very bearish at 4,200 mt (0.2 mb). Soybeans had bullish export sales of 500,700 mt (18.4 mb). Wheat had bearish export sales of 279,900 mt (10.3 mb).

Wheat was mostly 25-41 cents higher. Yellow Corn was mostly 16-24 cents higher. Sorghum was 28- 43 cents higher. Soybeans were 3 cents lower to 7 cents higher.

Wheat

  • Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 41 1/4 cents higher from 9.53-10.15 per bushel.
  • Kansas City US No 2 Soft Red winter rail bid no quote per bushel.
  • St. Louis truck US No 2 Soft Red Winter terminal bid was 37 cents higher at 8.66 per bushel.
  • Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 25 1/2 cents higher at 10.36 3/4 per bushel.
  • Portland US Soft White wheat rail was 16 3/4 to 31 3/4 cents higher from 8.86-9.01 per bushel.

Corn

  • Kansas City US No 2 rail White Corn was 15 to 20 cents lower from 8.50-8.58 per bushel.
  • Kansas City US No 2 truck Yellow Corn was 19 cents higher from 7.88-7.91 per bushel.
  • Omaha US No 2 truck Yellow Corn was 23 to 24 cents higher from 7.85-7.91 per bushel.
  • Chicago US No 2 Yellow Corn was 16 1/4 to 19 1/4 cents higher from 7.63 1/4-7.93 1/4 per bushel.
  • Toledo US No 2 rail Yellow corn was 16 1/4 cents higher from 7.76 1/4-7.80 1/4 per bushel.
  • Minneapolis US No 2 Yellow corn rail was 34 1/4 cents higher at 7.34 1/4 per bushel.

Oats & Barley

  • US 2 or Better oats, rail bid to arrive at Minneapolis 20 day was 17 3/4 cents higher from 3.93 1/2-4.13 1/2 per bushel.
  • US No 3 or better rail malting Barley, 70 percent or better plump out of Minneapolis was 10 cents higher at 7.15 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 28 to 29 cents higher from 12.91-13.00 per cwt.
  • Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 29 to 43 cents higher from 13.09-13.41 per cwt.

Oilseeds

  • Minneapolis Yellow truck soybeans were 5 cents higher at 15.14 1/2 per bushel.
  • Illinois Processors US No 1 Yellow truck soybeans were 3 cents lower to 7 cents higher from 15.58 1/2-15.63 1/2 per bushel.
  • Kansas City US No 2 Yellow truck soybeans were 3 cents lower at 15.49 per bushel.
  • Central Illinois 48 percent Soybean meal, processor rail bid was 4.40 to 7.40 higher from 488.20-494.20 per ton.
  • Central Illinois Crude Soybean oil processor bid was 29 to 36 points lower from 49.18-50.33 cents per pound.

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