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Weather presses wheat bidsWheat was pressured by favorable harvest weather in the winter wheat region, according to the National Grain Market Summary, June 30. Quarterly wheat stocks as of June 1 were estimated at 305.6 million bushels compared to 456 million in 2007 which was 40 to 45 million bushels higher than trade estimates near 260 to 265 million bushels and is also the ending stocks for the 2007-2008 season. All wheat planted area came in at 63.457 million acres compared to 63.803 million acres in March and trade estimates near 63.8 million acres. Corn was sharply lower due to the bearish acreage and stocks reports and favorable weather across the Midwest. Planted acreage for U.S. corn was estimated at 87.327 million acres compared to 86.014 million acres on March 1 and 93.6 million in 2007-08. Estimated harvested acreage was at 78.94 million which is only 100,000 acres above the March estimate. Corn stocks as of June 1 came in at 4.028 billion bushels compared to 6.858 billion bushels on March 1. This was about 135 million bushels above trade estimates and suggests usage is not as strong as the current USDA demand forecasts. Soybeans saw modest gains as ending stocks for 2008-09 look to be very tight. USDA's Planting Acreage Report was considered negative this morning for soybeans coming in at 74.53 million acres which was slightly above trade expectations. Stocks as of June 1 came in at 676 million bushels which was slightly above trade expectations. Wheat was 30 to 57 cents lower. Corn was 28 to 36 cents lower. Sorghum was 63 to 77 cents lower. Soybeans were 3 to 23 cents higher. Grains inspected for export for week ending June 26: Wheat totaled 15.0 million bushels, down 3.3 million bushels; corn 39.6 million bushels, up 2.4 million bushels; sorghum 100 thousand bushels, down 1.3 million bushels and soybeans 18.4 million bushels, up 8.0 million bushels compared to a week ago. Year to date: Wheat totaled 65.7 million bushels down 2.6 million; corn 1992.1 million bushels up 277.7 million; sorghum 240.6 million bushels up 120.8 million and soybeans 1022.8 million bushels up 2.2 million. Crop marketing years begin June 1 for wheat and September 1 for corn, sorghum, and soybeans. In the futures close, Kansas City July wheat was $8.83, down 42 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $8.58, down 42 cents; Minneapolis, $10.85 1/2, down 51 3/4 cents; Portland, $8.05 to $8.25, down 35 to 30 cents; St. Louis, $6.11, down 55 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $7.08 to $7.09, down 30 cents; Minneapolis, $6.53 3/4, down 28 cents; southern Iowa, $6.58 3/4 to $6.67 3/4, down 36 to 32 cents; Omaha, $6.84 to $6.85, down 31 to 33 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $15.95, up 23 cents; Minneapolis, $15.33, up 19 cents; southern Iowa, $15.40 to $15.60, up 7 to 19 1/2 cents; central Illinois processors, $15.86 to $15.90, up 21 1/2 to 3 1/2 cents. Kansas City wheat prices June 30, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.91 1/4 to $10.01 1/4, down 28 3/4 to 73 3/4 cents; 12% protein, $9.86 1/4 to $10.01 1/4, down 73 3/4 cents; 13% protein, $9.86 1/4 to $10.01 1/4, down 73 3/4 cents; 14% protein, $9.86 1/4 to $10.01 1/4, down 73 3/4 cents. U.S. No. 2 soft red winter wheat was $8.46 1/4 to $9.16 1/4, up 1 1/4 to 21 1/4 cents. U.S. No. 2 white corn was $7.14 to $7.39, down 30 to 19 cents. 7/7/08 Date: 6/30/08
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