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USDA Weekly Grain Update: Corn, Soy See Sharp Declines, Wheat Higher

05 August 2013

US - Compared to last week, grain and soybean bids closed lower with wheat trading higher.

Corn and soybeans again this week saw modest to sharp declines depending on basis levels. Rain remains in the forecast for the next 5-7 days help to post new lows for corn and soybeans.

The sharply higher dollar on Thursday also help to pressure the market along with non-threatening temperatures.

Lower temperatures with limited chances for stressful heat has much of the Corn Belt seeing good to excellent growing conditions which has put confidence at this time of the possibility of a huge crop year in the making.

Elevators and processors have lowered their basis on increased producer selling and buyers’ having sufficient supplies until new crop is available.

Weekly export sales for corn were bullish at 1,225,200 mt (48.2 mb) with 134,000 mt (5.3 mb) for 2012-2013 season. Soybeans had bullish export sales of 1,109,400 mt (40.8 mb) with 78,500 mt (2.9 mb) for 2012-2013. Wheat had bullish export sales of 596.900 mt (21.9 mb).

Wheat was mostly 5-16 cents higher. Yellow Corn traded in a wide range depending on basis levels from 13-78 cents lower and Sorghum 13 to 1.82 cents lower. Soybeans closed 12-61 cents lower.

WHEAT

  • Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 5 1/2 to 14 1/2 cents higher from 8.01 3/4-8.52 3/4 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 16 cents higher at 6.84 per bushel.
  • Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 11 cents lower to 5 cents higher from 8.16 3/4-8.32 3/4 per bushel.
  • Portland US Soft White wheat rail was 5 3/4-23 3/4 cents higher from 7.23-7.30 per bushel.

CORN

  • Kansas City US No 2 rail White Corn was 1.00-1.09 cents lower from
  • 5.32-6.42 per bushel.
  • Kansas City US No 2 truck Yellow Corn was 73-78 cents lower at 5.88 per bushel.
  • Omaha US No 2 truck Yellow Corn was 3 cents lower to 4 cents higher from 5.70-5.73 per bushel.
  • Chicago US No 2 Yellow Corn was 88 1/2 cents lower to 16 ½ cents higher from 4.67 1/2-6.12 1/2 per bushel.
  • Toledo US No 2 rail Yellow corn was 13 1/2-48 1/2 cents lower from 5.87 1/2-6.27 1/2 per bushel.
  • Minneapolis US No 2 Yellow corn rail was 12 1/2 cents higher at 5.72 1/2 per bushel.

OATS AND BARLEY

  • US 2 or Better oats, rail bid to arrive at Minneapolis 20 day was 1 3/4 cents higher from 3.69 3/4-3.74 3/4 per bushel.
  • US No 3 or better rail malting Barley, 70 percent or better plump out of Minneapolis was 5 cents
  • lower at 6.85 per bushel.
  • Portland US 2 Barley, unit trains and Barges-export was not available.

SORGHUM

  • US No 2 yellow truck, Kansas City was 1.82 cents lower at 9.14 per cwt.
  • Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob elevator) was 13 cents lower at 10.51 per cwt.

OILSEEDS

  • Minneapolis Yellow truck soybeans were 11 3/4 lower at 13.22 1/2 per bushel.
  • Illinois Processors US No 1 Yellow truck soybeans were 32 3/4-42 3/4 lower from 13.52 1/2-13.62 1/2 per bushel.
  • Kansas City US No 2 Yellow truck soybeans were 61 cents lower at 12.68 per bushel.
  • Central Illinois 48 percent Soybean meal, processor rail bid was 64.40 to 70.40 lower from 447.40-477.40 per ton.
  • Central Illinois Crude Soybean oil processor bid was 152 to 157 points lower from 41.19-42.74 cents per pound.

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