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USDA Weekly Grain Report

SJ_GR851
St. Joseph, MO    Fri Feb 24, 2017   USDA-MO Dept of Ag Market News

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, grains and soybean bids were mostly lower with wheat 
being mixed.  The clock is ticking on South America’s approaching harvest, 
however, the May corn futures contract continues in a gradual uptrend.   May 
soybeans short-term trend has turned lower as they are under bearish pressure.  
The uptrend remains for May Chicago wheat.  The annual two-day Ag Outlook Forum 
kicked off early Thursday with a 2017 corn planting estimate of 90.0 million 
acres and an average price estimate of $3.50 a bushel.  Prices showed no 
reaction when the numbers were released as it was no surprise that the planting 
estimate may be a little low.  Soybeans had a planting estimate of 88.0 ma with 
an average cash soybean price estimate of $9.60 a bushel. This price was neutral 
with a bearish planting estimate.  Wheat’s planting estimate made a record low 
at 46.0 ma with wheat price estimates averaging $4.30 a bushel.  The price 
estimate appears optimistic this early in the season and will depend on a fifth 
consecutive year of good weather around the globe.  The International Grain 
Council updated its world production figures Thursday putting it at a record 
level.  World grain production is forecasted at 2.1 billion metric tons which is 
5% more than a year ago. Corn production was mostly unchanged at 1.05 billion 
metric tons as was wheat at 752 million metric tons.  Soybeans were predicted at 
336 million metric tons which would be a 2 million ton increase.  Weekly export 
sales for wheat was listed at 26.0 mb (707,800 mt) with 16.6 mb (451,300 mt) for 
the 2016-2017 marketing year. Export sales for corn came in at 39.7 mb 
(1,007,600 mt) with 29.3 mb (743,100) for the 2016-2017 marketing year.  
Soybeans were at 16.2 mb (442,200 mt) with 15.2 mb (413,500) for the 2016-2017 
marketing year. Weekly export sales for sorghum were at 3.4 mb (86,000 mt) for 
the 2016-2017 marketing year.  Wheat was 9 cents lower to 17 cents higher.  Corn 
was mostly 8 to 15 cents lower.  Sorghum was 4 cents higher to 15 cents lower.  
Soybeans were 32 cents lower.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 
1/4 to 5 1/4 cents lower from 4.72 3/4-5.47 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 9 cents lower from 4.33-4.43 per bushel.  Minneapolis 
and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 
2 3/4 lower to 17 1/4 cents higher from 6.33 1/4-6.63 1/4 per bushel.  Portland 
US Soft White wheat rail was 9 3/4 lower to 2 cents higher from 4.73-4.87 per 
bushel.

   CORN:  Kansas City US No 2 rail White Corn was 8 cents lower from 3.65-
3.72 per bushel.  Kansas City US No 2 truck Yellow Corn was 8 cents lower from 
3.45 1/2-3.47 1/2 per bushel.  Omaha US No 2 Yellow Corn was 7 to 8 cents lower 
from 3.27-3.36 per bushel.  Chicago US No 2 Yellow Corn was 8 to 11 cents lower 
from 3.40 1/2-3.65 1/2 per bushel.  Toledo US No 2 rail Yellow corn was 13 1/4 
to 15 1/4 cents lower from 3.53 1/2-3.61 1/2 per bushel.  Minneapolis US No 2 
Yellow corn rail no bid per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20 
day was 13 1/4 to 23 1/2 cents higher from 3.13 1/4-3.23 1/4 per bushel.  US No 
3 or better rail malting Barley, 70 percent or better plump out of Minneapolis 
was not available.  Portland US 2 Barley, unit trains and Barges-export was not 
available.

   SORGHUM:  US No 2 yellow truck, Kansas City was 4 cents higher at 5.76 per 
cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the 
farmer, fob elevator) was 12 to 15 cents lower from 5.46-5.84 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were not available per bushel.  
Illinois Processors US No 1 Yellow truck soybeans were 32 1/4 cents lower from 
9.96 1/2-10.08 1/2 per bushel.  Kansas City US No 2 Yellow truck soybeans were 
32 1/4 cents lower from 9.61 1/2-9.63 1/2 per bushel.  Illinois 48 percent 
soybean meal, processor rail bid was 10.20 to 11.20 lower from 320.80-335.80 per 
ton.  Central Illinois Crude Soybean oil processor bid was 1.20 to 1.70 points 
lower from 30.02-30.82 cents per pound.

SOURCE:  USDA-MO Dept of Ag Market News Service, St Joseph, MO
         Dakota Arthur, Market Reporter (816)676-7000
         www.ams.usda.gov/mnreports/SJ_GR851.txt
         For more Grain Market News:
         https://www.ams.usda.gov/market-news/livestock-poultry-grain 
  
0900C    dsa