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Wheat lower thanks to overdone Jan. 6 market
Wheat closed the day lower due to thoughts that the market was overdone last Friday (Jan. 2), according to the Jan. 5 National Grain Market Summary.
Weekly export inspections for Wheat were disappointing coming in at 14.8 million bushels. Corn saw losses Jan. 5 due to lack of fresh news. Weekly export inspections for corn were below expectations coming in at 33.8 million bushels. Soybeans bids were moderately higher with lower than expected weekly export inspections limiting gains.
Weekly export inspections for soybeans were reported at 20.6 million bushels. Wheat was 2 to 7 cents lower. Corn was steady to weak, with southern Iowa 10 to 11 cents lower. Sorghum has no comparison. Soybeans were 3 to 7 cents higher for the exception of southern Iowa which was 13 cents lower.
Grains inspected for export for week ended Jan. 1: Wheat totaled 14.8 million bushels down 13.4 million, corn 33.8 million bushels down 2.9 million, sorghum 3.0 million bushels, up 1.6 million bushels, and soybeans 20.6 million bushels, down 1.5 million bushels compared to a week ago.
Year to Date: Wheat totaled 650.3 million bushels up 106.2 million, corn 639.9 million bushels up 112.1 million, sorghum 60.5 million bushels up 800 thousand, and soybeans 505.8 million bushels up 38.1 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, unknown purchased 100,000 tons of soft red winter Wheat for June 2004 to May 2005 delivery.
In the futures close, Kansas City March Wheat was $4.03 3/4, down 5 1/4 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $4.04-$4.06, down 5 cents; Minneapolis, $4.26 1/2, down 7 1/4 cents; Portland, $4.04 to $4.06, up 3 to down 2 cents; St. Louis, $4.01, down 7 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $2.53 to 2.55, unchanged; Minneapolis, $2.34, down 1/4 cent; southern Iowa, $2.35, down 10 to 11 cents; Omaha, $2.40 to $2.42, unchanged.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $7.91 to $7.95, unchanged to up 3 cents; Minneapolis, no bid; southern Iowa, $7.67 to $7.74, down 13 cents; central Illinois processors, $7.98 1/2 to $8.05 1/2, up 3 to 7 1/4 cents.
Kansas City Wheat prices June 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.26 1/2 to $4.42 1/2, down 5 1/4 cents; 12% protein, $4.32 1/2 to $4.42 1/2, down 5 1/4 cents; 13% protein, $4.34 1/2 to $4.44 1/2, down 5 1/4 cents; 14% protein, $4.34 1/2 to $4.44 1/2, down 5 1/4 cents. U.S. No. 2 soft red winter Wheat was $4.08 1/2 to $4.33 1/2, down 5 1/4 cents. U.S. No. 2 white corn was $2.71 to $2.76, unchanged.
Date: 1/6/04
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