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Wheat bids ride mid-December momentum
Wheat opened Christmas week mix after carrying momentum from the Dec. 17 close, according to the National Grain Market Summary, Dec. 20.
Weekly export inspections were reported at 16.0 million bushels. Corn was moderately higher after support came from the higher soybeans. Weekly export inspections came in at 38.7 million bushels. Soybeans were mix for the day. Overnight exports lend support in the bean pits. However, pressure was seen from producer selling.
Wheat was 8 cents lower to 1 cent higher. Corn was 2 to 6 cents higher. Sorghum was 3 to 4 cents higher. Soybeans were 8 cents lower to 3 cents higher.
Grains inspected for export for week ended Dec. 16: Wheat totaled 16.0 million bushels, up 200 thousand bushels; corn 38.7 million bushels, down 1.5 million bushels; sorghum 2.5 million bushels, up 600 thousand bushels; and soybeans 37.7 million bushels, up 11.9 million bushels compared to a week ago.
Year to date: Wheat totaled 610.9 million bushels up 3.8 million; corn 546.2 million bushels down 23.9 million; sorghum 39.2 million bushels down 16.9 million and soybeans 467.4 million bushels up 4.7 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, unknown to China purchased 118,000 tons of soybeans for Aug. 31, 2005 delivery.
In the futures close, Kansas City March Wheat was $3.40, down 1/2 cent.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.40, down 1 cent; Minneapolis, $3.95 1/4, down 1 1/2 cents; Portland, $3.93 to $3.96, up 1 cent; St. Louis, $3.48, down 2 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.82, up 2 cents; Minneapolis, $1.84 1/2, up 6 cents; southern Iowa, $1.90 to $1.96, unchanged to up 2 cents; Omaha, $1.77, up 2 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $5.37, unchanged cents; Minneapolis, no bids; southern Iowa, $5.37 to $5.40, up 3 to down 2 cents; central Illinois processors, $5.40 1/2 to $5.58 1/2, down 8 1/4 to 1/4 cent.
Kansas City Wheat prices Dec. 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.03 1/4 to $4.35 1/4, down 7 3/4 to 2 3/4 cents; 12% protein, $4.20 1/4 to $4.35 1/4, down 7 3/4 to 2 3/4 cents; 13% protein, $4.12 1/4 to $4.27 1/4, down 7 3/4 to 2 3/4 cents; 14% protein, $4.12 1/4 to $4.27 1/4, down 7 3/4 to 2 3/4 cents. U.S. No. 2 soft red winter Wheat was $3.87 1/4 to $4.12 1/4, down 2 3/4. U.S. No. 2 white corn was $2.03 to $2.05, unchanged.
Date: 12/21/04
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