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Wheat bids lower, pressured by light profit taking
Wheat bids were slightly lower after the Jan. 19 Martin Luther King Jr., holiday, according to the Jan. 20 National Grain Market Summary.
Light profit taking on the Wheat boards pressured Wheat bids. Corn extended Jan. 16 gains in reaction to fund buying and a substantial overnight export purchase. Additional profit taking was seen in soybean pits, pushing bids sharply lower.
No export sales were announced Jan. 20 for Wheat or soybeans but last week's tally was supportive. Wheat mostly 1 to 2 cents lower except Portland 3 cents higher. Corn steady to 2 cents higher. Sorghum steady to 4 cents higher. Soybeans 6 to 8 cents lower.
In export news private exporters purchased 160,000 tons of corn for Aug. 31 delivery.
In the futures close, Kansas City March Wheat was $4.04 1/4, down 1/4 cent.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $4.02-4.04, down 1 cent; Minneapolis, $4.26, down 2 1/2 cents; Portland, $4.10 to $4.13, up 3 cents; St. Louis, $3.96, down 2 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $2.73, up 2 cents; Minneapolis, $2.56 1/4, up 2 3/4 cents; southern Iowa, $2.62 1/2 to 2.64, up 2 1/2 to 3 cents; Omaha, $2.55 to $2.56, up 2 cents to unchanged.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $8.16, down 8 cents; Minneapolis, no bid; southern Iowa, $8.09 to $8.16, down 8 to 1 cent; central Illinois processors, $8.28 1/4 to $8.30 1/4, down 7 1/2 to 6 1/4 cents.
Kansas City Wheat prices Jan. 20, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.29 1/4 to $4.43 1/4, down 1/4 cent; 12% protein, $4.33 1/4 to $4.43 1/4 , down 1/4 cent; 13% protein, $4.36 1/4 to $4.46 1/4 , down 1/4 cent; 14% protein, $4.36 1/4 to $4.46 1/4, down 1/4 cent. U.S. No. 2 soft red winter Wheat was $4.14 1/4 to $4.39 1/4, down 1/4 cent. U.S. No. 2 white corn was $2.83 to $2.88, unchanged.
Date: 1/20/04
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