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DJ US Cash Grain Review: Interior Grain Trade Wanes76 days ago
SUPERIOR, Neb. (Dow Jones)--Movement of cash grain out of the U.S. hinterland has slowed, as elevator bins fill and farmer selling slackens.
The U.S. Department of Agriculture says railroads originated 24,917 carloads of grain during the past reporting week, down 4% from the previous period. The transport of interior grain to coastal ports by river barge also dipped 16%, to less than 980,000 short tons. Nearly 62% of all barges were loaded with soybeans.
"Barge operators are moving fewer empty barges northbound, in anticipation of the end of harvest, and the potential for freezing weather," reported the agency Wednesday.
Consequently, inland terminals are seeing a rapid rise in bin levels, leaving facilities surveyed by USDA filled to 69% of total capacity as of Tuesday.
"Very little country movement is taking place, but many terminals remain filled to capacity," said Iowa commodity trade advisor Karl Setzer. "Even terminals that do have storage capacity available, are backing off on basis as they know before long they will be flooded with grain also, specifically corn."
Export basis bids were mixed Wednesday, rising by 5-10 cents for winter wheat, while slipping 1-3 cents for Gulf corn, soybeans and grain sorghum.
National cash price indices maintained by the Minneapolis Grain Exchange stand at $9.88 3/4 for soybeans, reflecting an average basis of -57 1/4 cents relative January CBOT futures entering the trading session. Domestic cash prices also averaged $3.37 1/2 for corn (-38 1/2 cents basis December CBOT), $4.46 1/2 for hard red winter wheat (-83 cents basis December KCBT wheat), $4.24 1/4 for soft red winter wheat (-$1.08 3/4 basis December CBOT wheat) and $5.36 1/4 for hard red spring wheat (-3 3/4 cents basis December MGE wheat).
Precipitation was falling on the Great Lakes and upper Midwest Wednesday.
"Rain and snow showers are interrupting fieldwork," said USDA agricultural meteorologist Eric Luebehusen. "In the Plains, unseasonably warm, dry weather continues to promote late-summer crop harvesting."
Dry weather was also promoting crop maturation and harvesting across much of the Deep South.
"An area of low-pressure currently over Lake Michigan will move slowly northeastward, maintaining periods of rain/wet snow across the Midwest," he added. "Meanwhile, a Pacific storm will bring rain/mountain snow to the northwestern quarter of the nation, with precipitation from this system spilling into the northern Plains over the weekend."
-By Gary Wulf, Dow Jones Newswires; Gary.Wulf@dowjones.com
(END) Dow Jones Newswires
November 25, 2009 15:19 ET (20:19 GMT)
By Gary Wulf
Of DOW JONES NEWSWIRES
CROP WEATHER
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