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Most bids open positive
Grain and soybean bids opened the week on a positive note, according to the National Grain Market Summary, June 20, while Wheat found support from the higher corn and soybeans.
Farmers are taking advantage of the dry weather allowing harvest in the winter Wheat areas to progress rapidly. Wheat export inspections were reported at 14.1 million bushels.
Corn and soybeans rallied due to hot and dry conditions in the Midwest. There are rain chances in the forecast for the western and northern corn-belt but the outlook for the central and eastern corn-belt look dry. Weekly export inspections for corn came in at 39 million bushels and soybeans 8.5 million bushels. Wheat was 7 to 11 cents higher with Portland 1 to 2 cents higher. Corn was 5 to 7 cents higher. Sorghum was 10 cents lower to 12 cents higher. Soybeans were 11 to 15 cents higher.
Grains inspected for export for week ending Jun 16: Wheat totaled 14.1 million bushels, up 2.1 million bushels; corn 39.0 million bushels, up 8.4 million bushels; sorghum 1.6 million bushels, up 1.0 million; and soybeans 8.5 million bushels, up 800 million bushels compared to a week ago.
Year to Date: Wheat totaled 29.9 million bushels down 18.1 million; corn 1361.9 million bushels down 117.0 million; sorghum 119.5 million bushels down 15.6 and soybeans 1012.8 million bushels up 190.2 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.
In export news, CCC to Uganda purchased 7,990 tons of 12 percent hard red Wheat for early July delivery. CCC to Uganda also purchased 5,930 tons of sorghum for the same early July delivery.
In the futures close, Kansas City July Wheat was $3.42 3/4, up 11 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.53, up 11 cents; Minneapolis, $4.31, up 7 3/4 cents; Portland, $3.87 to $3.88, up 1 to 2 cents; St. Louis, $3.40, up 7 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $2.16 to $2.18, up 5 to 7 cents; Minneapolis, $2.07 1/2, up 7 1/2 cents; southern Iowa, $2.18 to $2.21, up 5 to 6 cents; Omaha, $2.04 to $2.06, up 7 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $7.24 to $7.27, up 15 cents; Minneapolis, $7.06, up 15 cents; southern Iowa, $7.16 to $7.20, up 13 to 11 cents; central Illinois processors, $7.44 to $7.49, up 15 cents.
Kansas City Wheat prices June 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $3.83 1/4 to $4.17 1/4, down 4 1/2 to 9 1/2 cents; 12% protein, $3.97 1/4 to $4.19 1/4, down 9 1/2 to 11 1/2 cents; 13% protein, $3.99 1/4 to $4.31 1/4, down 11 1/2 cents; 14% protein, $4.41 1/4 to $4.61 1/4, down 11 1/2 cents. U.S. No. 2 soft red winter Wheat was $3.57 1/4 to $3.82 1/4, down 4 1/2 cents. U.S. No. 2 white corn was $1.98 to $2.03, unchanged.
Date: 6/21/05
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