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Sharply higher grain bids seen, soybeans help wheat, corn
Grain bids opened the week moderate to sharply higher, according to the National Grain Market Summary, Feb. 22, while Wheat and corn found spillover support from soybeans.
Weekly export inspections for Wheat were bullish coming in at 21.2 million bushels. Corn weekly export inspections came in below expectations at 23.9 million bushels. Soybeans saw solid gains due to continued dry weather in southern Brazil. Weekly export inspections came in at 33.6 million bushels which were above estimates. Wheat was 10 to 29 cents higher with Portland 4 to 6 cents higher. Corn was 5 to 8 cents higher. Sorghum was 13 to 14 cents higher. Soybeans were 13 to 21 cents higher.
Grains inspected for export for week ended Feb. 17: Wheat totaled 21.2 million bushels, up 5.4 million bushels; corn 23.9 million bushels, down 5.7 million bushels; sorghum 6.5 million bushels, up 4.6 million bushels; and soybeans 33.6 million bushels, up 7.3 million bushels compared to a week ago.
Year to date: Wheat totaled 769.9 million bushels down 38.0 million; corn 916.2 million bushels up 28.4 million; sorghum 66.2 million bushels down 24.4 million and soybeans 740.4 million bushels up 56.9 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
There was nothing new to report in export news.
In the futures close, Kansas City March Wheat was $3.48, up 17 1/2 cents, and May Wheat was $3.40 1/2, up 23 3/4 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.49-3.51, up 18 to 20 cents; Minneapolis, $4.02, up 17 cents; Portland, $3.95 to $3.98, up 4 to 6 cents; St. Louis, $3.53, up 10 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.88 to $1.90, up 8 cents; Minneapolis, $1.84 1/2, up 7 1/2 cents; southern Iowa, $1.95 to $2.05, up 1 1/2 to 6 cents; Omaha, $1.87 to $1.89, up 8 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $5.69, up 16 cents; Minneapolis, no bids; southern Iowa, $5.64, up 15 cents; central Illinois processors, $5.69 to $5.82, up 13 1/2 to 19 1/2 cents.
Kansas City Wheat prices Feb. 22, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $3.88 to $4.08, up 7 1/2 cents; 12% protein, $3.88 to $4.08, up 7 1/2 cents; 13% protein, $3.88 to $4.08, up 7 1/2 cents; 14% protein, $3.98 to $4.18, up 7 1/2 cents. U.S. No. 2 soft red winter Wheat was $3.98 to $4.18, up 17 1/2 cents. U.S. No. 2 white corn was $2.08 to $4.23, unchanged.
Date: 2/22/05
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