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Lower grain bids pressured by harvest
Harvest pressure and grain bids were lower again Oct. 18 but soybeans a little firmer, according to the National Grain Market Summary.
Wheat was 2 to 5 cents lower. Corn 2 to 4 cents lower. Sorghum 3 to 6 cents lower. Soybeans 2 cents higher to 1 cent lower.
Fall harvest making rapid progress. However, with all time record high corn and soybean crops this year it will take a little longer. Farm storage bins and country elevators will soon be overflowing. Trucks and railroads are running day and night to move the huge volume to terminal and export elevators. High fuel costs, $2 a gallon for diesel, adding to production costs.
Loan Deficit Payments for corn at many counties already 25 to 30 cents a bushel and 25 to as much as 60 cents a bushel on soybeans. This and high yields a lifesaver for farmers. Low prices not garnering an abundant of export orders yet, but soybeans made a good showing in today's Grains Inspected For Exports Report.
Grains inspected for export for week ended Oct.14: Wheat totaled 19.9 million bushels, down .9 million bushels; corn 22.3, down 12.8 million bushels; sorghum 1.7 million bushels, down .3 million bushels; and soybeans 36.3 million bushels, up 18.0 million bushels compared to a week ago.
Year to Date: Wheat totaled 437.0 million bushels down 6.4 million; corn 199.9 million bushels down 16.9 million; sorghum 17.9 million bushels down 10.3 million and soybeans 99.0 million bushels up 15.3 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, unknown to Japan purchased 296,944 tons of corn for Aug. 31, 2005 delivery.
In the futures close, Kansas City Dec Wheat was $3.44, down 4 1/2 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.39, down 5 cents; Minneapolis, $3.87 1/4, down 4 1/2 cents; Portland, $3.94, down 2 cents; St. Louis, $3.53, down 4 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.74, down 3 cents; Minneapolis, $1.81, down 1 3/4 cents; southern Iowa, $1.84 to $1.85, down 3 to 4 cents; Omaha, $1.72 to $1.74, down 5 to 3 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $4.90, up 1 cent; Minneapolis, $4.96 3/4, up 1 3/4 cents; southern Iowa, $5.02 to $5.04, up 1 to down 1 cents; central Illinois processors, $5.04 3/4 to $5.14 3/4, up 5 3/4 to 3/4 cent.
Kansas City Wheat prices Oct. 19, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $3.88 1/4 to $4.11 1/4, up 2 1/4 cents; 12% protein, $4.01 1/4 to $4.12 1/4, up 2 1/4 cents; 13 percent protein, $4.02 1/4 to $4.12 1/4, up 2 1/4; 14 percent protein, $4.06 1/4 to $4.16 1/4, up 2 1/4. U.S. No. 2 soft red winter Wheat was $3.76 1/4 to $4.01 1/4, up 2 1/4. U.S. No. 2 white corn was $1.94 to $1.97, unchanged.
Date: 10/19/04
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