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Wheat mix, while soybeans, grains lower
Grain and soybeans were moderate to sharply lower with Wheat trading mix. Wheat bids saw declines due to the lower corn and soybeans, according to the Feb. 3 National Grain Market Summary.
Weekly export inspections for Wheat were below expectations coming in at 20.3 million bushels. Corn and soybeans were pressured by rain in Argentina and concerns of the avian flu outbreak.
Weekly export inspections for corn were reported at 38.6 million bushels which were in line with estimates. Soybean weekly export inspections were reported at 27.7 million bushels which were in the low end of estimates. Wheat was mix, from 7 cents lower to 1 cent higher. Corn was 4 to 6 cents lower. Sorghum was steady to 9 cents lower. Soybeans were 22 to 30 cents lower.
Grains inspected for export for week ended Jan. 29: Wheat totaled 20.3 million bushels down 10.8 million bushels, corn 38.6 million bushels up 2.8 million bushels, sorghum 3.4 million bushels, down 100 thousand bushels, and soybeans 27.7 million bushels, down 2.1 million bushels compared to a week ago.
Year to Date: Wheat totaled 747.1 million bushels up 150.1 million, corn 784.4 million bushels up 152.4 million, sorghum 77.5 million bushels up 5.7 million, and soybeans 620.6 million bushels up 300 thousand. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, CCC to Pakistan purchased 26,600 tons of ordinary protein soft white Wheat for Feb. 20 to March 5 delivery.
In the futures close, Kansas City March Wheat was $3.92 1/2, down 4 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.93, down 4 cents; Minneapolis, $4.29 3/4, up 3/4 cent; Portland, $4.11 to $4.13, unchanged to up 1 cent; St. Louis, $3.96, down 7 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $2.61 to 2.63, down 5 cents; Minneapolis, $2.54 1/4, down 4 cents; southern Iowa, $2.61 to 2.62, down 5 to 6 cents; Omaha, $2.51 to $2.52, down 5 to 4 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $7.82 to $7.85, down 30 to 27 cents; Minneapolis, no bids; southern Iowa, $7.78 to $7.87, down 27 to 26 cents; central Illinois processors, $7.94 to $8.05, down 25 1/2 to 22 1/2 cents.
Kansas City Wheat prices June 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.15 1/2 to $4.32 1/2, down 4 cents; 12% protein, $4.22 1/2 to $4.32 1/2, down 4 cents; 13% protein, $4.24 1/2 to $4.34 1/2, down 3; 14% protein, $4.26 1/2 to $4.36 1/2, down 3 cents. U.S. No. 2 soft red winter Wheat was $3.97 1/2 to $4.22 1/2, down 5 cents. U.S. No. 2 white corn was $2.92 to $2.98, unchanged.
Date: 2/3/04
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