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USDA-SJ: Weekly National Grain Market Review

St. Joseph, MO - Fri Nov 10, 2017 - USDA-MO Dept of Ag Market News


WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, cash bids for corn and soybeans were mixed, with wheat
trading mostly higher and sorghum trading mostly lower.  The next round of WASDE
reports were released yesterday giving traders an updated look at yield and crop
estimates as of November 9th.  This years corn crop projections increased to a
potential record breaking 14.578 billion bushels, and US ending corn stocks were
increased from 2.340 to 2.487 billion bushels.  These are both bearish projections
for the corn market which closed 6 3/4 cents lower for the December contract
yesterday.  Soybean projections were mostly neutral with new estimates putting US
ending stocks 5 million bushels lower at 425 million bushels, and a slightly lower
crop estimate of 4.425 billion bushels.  Though soybean projections were mostly flat,
bearish influnce from the corn market pressured soybeans to close 13 1/2 cents lower
on the January contract.  The wheat market did gain some support yesterday from a
decrease in US ending stocks from 960 million bushels to 935 million bushels,
influenced by an increase in wheat export estimates. Last week's export sales totaled
93.1 million bushels of corn, 42.6 million bushels of soybeans and 28.7 million
bushels of wheat, bearish figures for all three commodities.  Wheat was higher, from
5 to 35 cents higher.  Corn was mixed, from 13 cents lower to 8 cents higher.
Sorghum was 16 cents lower.  Soybeans were mixed from 24 cents lower to 17 1/4 cents
higher.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 13 1/4
to 17 1/4 cents higher from 4.74-6.14 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 5 to 6 cents higher from 4.36-4.44 per bushel.  Minneapolis and Duluth US No 1
Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 20 1/4 to 35 1/4 cents
higher from 7.73-7.98 per bushel.  Portland US Soft White wheat rail was steady to 5
cents higher from 5.25-5.35 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was not quoted.  Kansas City US No 2
truck Yellow Corn was 6 to 9 cents lower from 3.04 1/2-3.09 1/2 per bushel.  Omaha US
No 2 Yellow Corn was 12 to 13 cents lower from 3.02-3.05 per bushel.  Chicago US No 2
Yellow Corn was 2 to 8 cents higher from 3.21 1/2-3.29 1/2 per bushel.  Toledo US No
2 rail Yellow corn was 5 to 6 cents lower from 3.25 1/2-3.27 1/2 per bushel.
Minneapolis US No 2 Yellow corn rail was 4 cents lower at 2.97 1/2 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20 day
was 8 1/2 to 14 1/2 cents higher from 2.79-3.33 per bushel.  US No 3 or better rail
malting Barley, 70 percent or better plump out of Minneapolis was not quoted.
Portland US 2 Barley, unit trains and Barges-export was not quoted.

   SORGHUM:  US No 2 yellow truck, Kansas City was 16 cents lower at 5.38 per cwt.
Texas High Plains US No 2 yellow sorghum (prices paid or bid to the farmer, fob
elevator) was 16 cents lower from 5.57-6.09 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were 6 1/4 cents higher at 9.37 1/2
per bushel.  Illinois Processors US No 1 Yellow truck soybeans were 10 1/4 to 17 1/4
cents higher from 9.61 1/4-9.74 1/4 per bushel.  Kansas City US No 2 Yellow truck
soybeans were 24 cents lower at 9.25 per bushel.  Illinois 48 percent soybean meal,
processor rail bid was 5.60 to 6.60 lower from 301.80-313.80 per bushel.  Central
Illinois Crude Soybean oil processor bid was 0.28 to 1.28 higher from 33.64-
34.89 per cwt.

Source: USDA-MO Dept of Ag Market News Service, St Joseph, MO
        Joe Toeniskoetter, Market Reporter 816-676-7000  StJoe.LGMN@ams.usda.gov
        www.ams.usda.gov/mnreports/SJ_GR851.txt
        For more Grain Market News:
        https://www.ams.usda.gov/market-news/livestock-poultry-grain

    812C  jmt

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