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Warmer weather helps get grain, soybean bids up
Grain and soybean bids were moderate to sharply higher for the day, while Wheat found strength from the higher soybeans, along with warm and dry weather in the winter Wheat areas. says the March 23 National Grain Market Summary.
Weekly export inspections for Wheat were not supportive coming in at 15.2 million bushels. Corn was sparked by the higher soybeans and good overnight exports. Weekly export inspection numbers for corn came in at 42.6 million bushels. Soybeans continue to rally due to South American weather.
Export inspections were posted at 15.7 million bushels which were above expectations. Wheat was 22 to 30 cents higher with Portland 5 to 6 cents higher. Corn was 3 to 7 cents higher. Sorghum was 3 to 12 cents higher. Soybeans were 27 to 34 cents higher with Central Illinois Processors 23 to 25 cents higher.
Grains inspected for export for week ended March 18: Wheat totaled 15.2 million bushels down 12.0 million bushels; corn 42.6 million bushels up 9.6 million bushels; sorghum 4.0 million bushels, down 900 thousand bushels; and soybeans 15.7 million bushels, up 2.2 million bushels compared to a week ago.
Year to date: Wheat totaled 901.8 million bushels up 217.9 million; corn 1042.4 million bushels up 222.8 million; sorghum 105.6 million bushels up 15.6 million; and soybeans 746.8 million bushels down 97.3 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, CCC to Albania purchased 9,000 tons of ordinary hard red winter Wheat for April 1 to 10 delivery. Unknown purchased 345,000 tons of yellow corn for delivery in the 2003-04 marketing year, and CCC to Eritrea purchased 10,100 tons of sorghum for April 5 to 15 delivery.
In the futures close, Kansas City May Wheat was $4.28 1/4, up 29 1/4 cent.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $4.23, up 29 cent; Minneapolis, $4.64 1/4, up 22 1/4 cents; Portland, $4.31 to $4.35, up 6 to 5 cents; St. Louis, $4.30, up 29 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.08 to $3.10, up 7 cents; Minneapolis, $3.01 1/2, up 5 1/2 cents; southern Iowa, $3.06 to $3.10, up 6 to 7 cents; Omaha, $2.99 to $3.00, up 7 to 6 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.60, up 34 cents; Minneapolis, $10.47 3/4, up 31 3/4 cents; southern Iowa, $10.47 to $10.53, up 30 to 29 cents; central Illinois processors, $10.45 3/4 to $10.55 3/4, up 25 3/4 to 23 3/4 cent.
Kansas City Wheat prices March 23, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.44 to $4.68, down 11 1/4 cents; 12% protein, $4.59 to $4.72, down 11 1/4 cents; 13% protein, $4.63 to $4.75, down 13 1/4; 14% protein, $4.66 to $4.76, down 13 1/4. U.S. No. 2 soft red winter Wheat was $4.32 to $4.57, down 11 1/4. U.S. No. 2 white corn was $3.10 to $3.13, unchanged.
Date: 3/23/04
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