USDA Weekly Grain Report

SJ_GR851
St. Joseph, MO    Fri Nov 09, 2018   USDA-MO Dept of Ag Market News

WEEKLY NATIONAL GRAIN MARKET REVIEW

   Compared to last week, cash bids for corn, sorghum, and soybeans were higher,
while wheat was mixed.  USDA lowered its estimate of U.S. ending corn stocks from
1.813 billion to 1.736 billion bushels (bb), based on a lower yield of 178.9 bushels
per acre (bpa), but increased its estimate of world ending corn stocks from 159.4
million to 307.51 million metric tons (mmt) after a Chinese revison.  USDA increased
its estimate of U.S. ending soybean stocks from 885 million to 955 million bushels
(mb), more than expected after cutting the export estimate by 160 mb to 1.900 bb.
The production estimate was reduced from 4.69 bb to 4.60 bb, based on a lower yield
estimate of 52.1 bpa.  USDA also increased its estimate of world ending soybean
stocks from 110.0 mmt to 112.08 mmt.  USDA reduced its estimate of ending wheat
stocks slightly, from 956 mb to 949 mb.  However, wheat exports were left unchanged.
USDA increased its estimate of world ending wheat stocks from 260.2 mmt to 266.71
mmt.  Overall, world wheat production is expected to be down 4% in 2018-19 and world
ending stocks are expected to be down a little more than 4%.  Wheat was from 4 cents
lower to 13 cents higher.  Corn was 4 3/4 to 17 cents higher.  Sorghum was 11 to 39
cents higher.  Soybeans were 10 to 20 cents higher.

   WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 4 cents
lower from 6.12 1/4-6.27 1/4 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 1 cent
lower from 4.67-5.32 per bushel.  Minneapolis and Duluth US No 1 Dark Northern
Spring, 14.0 to 14.5 percent protein rail, was not quoted.  Portland US Soft White
wheat rail was 10 to 13 cents higher from 6.20-6.35 per bushel.

   CORN:  Kansas City US No 2 rail White Corn was not quoted.  Kansas City US No 2
truck Yellow Corn was 8 3/4 to 13 3/4 cents higher at 3.68 1/2 per bushel.  Omaha US
No 2 Yellow Corn was 14 to 17 cents higher from 3.52-3.54 per bushel.  Chicago US No
2 Yellow Corn was 6 3/4 to 8 3/4 cents higher from 3.28 1/2-3.33 1/2 per bushel.
Toledo US No 2 rail Yellow corn was 10 3/4 to 11 3/4 cents higher from 3.40 1/2-3.43
1/2 per bushel.  Minneapolis US No 2 Yellow corn rail was 4 3/4 cents higher at 3.35
1/2 per bushel.

   OATS AND BARLEY:  US 2 or Better oats, rail bid to arrive at Minneapolis 20 day
was 4 1/2 cents lower to 5 1/2 cents higher from 2.84 3/4-3.51 3/4 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 30 to 39 cents higher from 5.78-
5.87 per cwt.  Texas High Plains US No 2 yellow sorghum (prices paid or bid to the
farmer, fob elevator) was 11 to 12 cents higher from 6.32-6.75 per cwt.

   OILSEEDS:  Minneapolis Yellow truck soybeans were not quoted.  Illinois Processors
US No 1 Yellow truck soybeans were 10 to 17 cents higher from 8.24-8.59 per bushel.
Kansas City US No 2 Yellow truck soybeans were 19 to 20 cents higher from 8.39-8.43
per bushel.  Illinois 48 percent soybean meal, processor rail bid was 7.30 lower from
306.10-312.10 per bushel.  Central Illinois Crude Soybean oil processor bid was 0.30
to 0.30 points lower from 27.42-28.27 per cwt.

Source: USDA-MO Dept of Ag Market News Service, St Joseph, MO
        Lindsay Brunet, 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

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