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Wheat sees lower bids, corn higher thanks to soybeans
Grain and soybean bids were higher for the exception of Wheat which was lower, while corn found support from the sharply higher soybeans, according to the National Grain Market Summary, Feb. 17.
Weekly export inspections for corn were reported at 24.9 million bushels which were below expectations. Soybeans rallied due to less concerns of the avian bird flu.
Weekly export inspections for soybeans were supportive coming in at 24.9 million bushels. Wheat was pressured by comments of Chinese suggesting that they are looking for more competitive prices. Wheat export inspections were in the upper end of expectations at 23.1 million bushels. Wheat was 2 to 8 cents lower with Minneapolis 1 cent higher. Corn was 1 to 2 cents higher. Sorghum was 2 to 3 cents higher. Soybeans were 22 to 27 cents higher.
Grains inspected for export for week ended Feb. 12: Wheat totaled 23.1 million bushels up 800 thousand bushels, corn 24.9 million bushels down 8.4 million bushels, sorghum 5.7 million bushels, up 1.2 million bushels, and soybeans 24.9 million bushels, up 7.5 million bushels compared to a week ago.
Year to Date: Wheat totaled 792.8 million bushels up 168.9 million, corn 843.0 million bushels up 148.9 million, sorghum 88.2 million bushels up 12.3 million, and soybeans 665.3 million bushels down 34.9 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, CCC to Sudan purchased 10,000 tons of ordinary hard red winter Wheat for April 10 to 20 delivery. CCC to Ethiopia purchased 15,800 tons of hard red winter Wheat for Feb. 26 to March 6 delivery.
In the futures close, Kansas City March Wheat was $3.81 1/4, down 2 3/4 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.81, down 3 cents; Minneapolis, $4.26, up 1 1/4 cent; Portland, $4.05 to $4.06, down 4 to 8 cents; St. Louis, $3.90, down 5 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $2.76 to 2.77, up 1 cents; Minneapolis, $2.68, up 2 1/2 cents; southern Iowa, $2.76 to 2.78, up 2 cents; Omaha, $2.67 to $2.69, unchanged to up 1 cent.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $8.51, up 23 cents; Minneapolis, no bids; southern Iowa, $8.38 to $8.50, up 24 to 25 cents; central Illinois processors, $8.61 to $8.69, up 27 to 24 cents.
Kansas City Wheat prices June 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.11 1/4 to $4.30 1/4, down 2 3/4 cents; 12% protein, $4.20 1/4 to $4.35 1/4, down 2 3/4 cents; 13% protein, $4.26 1/4 to $4.40 1/4, down 2 3/4; 14% protein, $4.31 1/4 to $4.41 1/4, down 2 3/4. U.S. No. 2 soft red winter Wheat was $3.91 1/4 to $4.16 1/4, down 2 3/4. U.S. No. 2 white corn was $3.00 to $3.05, up 8 to 7 cents.
Date: 2/17/04
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