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Lacking exports help Wheat drop more
Wheat saw more losses Nov. 22 due to lack of overnight exports and favorable weather for winter Wheat crop, according to the National Grain Market Summary.
Weekly export inspections were reported at 20.6 million bushels. Corn was pressured by lack of overnight exports and demand concerns for livestock consumption. Weekly export inspections were reported at 36.3 million bushels.
Soybeans rallied as concerns of Asian rust continue to support trade. Weekly export inspections were reported at 48.1 million bushels. Wheat was 3 to 9 cents lower with Portland 1 to 2 cents lower. Corn was steady to 4 cents lower. Sorghum was 12 cents lower to 16 cents higher. Soybeans were 2 to 7 cents higher with Minneapolis 1 cent higher.
Grains inspected for export for week ended Nov.18: Wheat totaled 20.6 million bushels, up 600 thousand bushels; corn 36.3 million bushels, down 1.6 million bushels; sorghum 1.7 million bushels, down 900 thousand bushels; and soybeans 48.1 million bushels, up 4.4 million bushels compared to a week ago.
Year to Date: Wheat totaled 540.6 million bushels down 5.4 million; corn 392.3 million bushels down 10.2 million; sorghum 30.9 million bushels down 12.0 and soybeans 329.3 million bushels up 14.8 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, there were no confirmed sales to report.
In the futures close, Kansas City Dec Wheat was $3.50 1/2, down 3 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.51, down 3 cents; Minneapolis, $3.97 1/2,down 9 1/4 cents; Portland, $3.90 to $3.92, down 1 to 2 cents; St. Louis, $3.62, down 3 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.78, down 1 cent; Minneapolis, $1.79 1/2, down 4 3/4 cents; southern Iowa, $1.95 to $1.97, unchanged to down 1 cent; Omaha, $1.66, up 3 to down 1 cent.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $5.40, up 4 cents; Minneapolis, $5.41 1/2, up 1 cent; southern Iowa, $5.61 to $5.64, up 5 to 6 cents; central Illinois processors, $5.51 1/2 to $5.60 1/2, up 6 to 2 cents.
Kansas City Wheat prices Nov. 22, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.07 1/2 to $4.53 1/2, down 3 cents; 12% protein, $4.43 1/2 to $4.60 1/2, down 3 cents; 13% protein, $4.51 1/2 to $4.65 1/2, down 3 cents; 14% protein, $4.60 1/2 to $4.70 1/2, down 3 cents. U.S. No. 2 soft red winter Wheat was $3.90 1/2 to $4.15 1/2, down 3 cents. U.S. No. 2 white corn was $1.93 to $1.98, unchanged.
Date: 11/22/04
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