Wheat bids feeling the pressure

Grain and soybean bids opened the week of Jan. 23 higher except Wheat which was slightly lower, according to the National Grain Market Summary.

Wheat was pressured by talk of moisture for the southern plains later this week. Weekly export inspections for Wheat were reported at 18.8 million bushels. Corn found support from gains in the soybean pits and good overnight exports totaling near 400,000. Weekly export inspections for corn came in at 32.4 million bushels. Soybeans were higher as talk of warm and dry weather outlook for Argentina lend support. Weekly export inspections for soybeans were posted at 30.4 million bushels. Wheat was steady to 4 cents lower, with Portland steady to 1 cent higher. Corn was 2 to 5 cents higher. Sorghum was 5 to 7 cents higher. Soybeans were 5 to 8 cents higher.

Grains inspected for export for week ending Jan. 19: Wheat totaled 18.8 million bushels, up 6.2 million bushels; corn 32.4 million bushels, down 1.2 million bushels; sorghum 6.4 million bushels, up 4.7 million and soybeans 30.4 million bushels, up 11.6 million bushels compared to a week ago.

Year to date: Wheat totaled 651.7 million bushels down 47.2 million; corn 704.9 million bushels down 2.7 million; sorghum 56.6 million bushels up 5.7 million and soybeans 466.2 million bushels down 160.2 million. Crop marketing years begin June 1 for Wheat and September 1 for corn, sorghum, and soybeans.

In export news, 58,000 tons of Wheat and 393,000 tons of corn were purchased by various buyers.

In the futures close, Kansas City March Wheat was $3.80, down 4 cents.

Terminal Wheat bids, paid for truck delivery, included Kansas City, $3.88-3.90, down 4 cent; Minneapolis, $4.12 3/4, down 2 cents; Portland, $3.44, up 1 cent to unchanged; St. Louis, $3.33, unchanged.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.88, up 3 cents; Minneapolis, $1.75 1/4, up 5 1/4 cents; southern Iowa, $1.91 to $1.93, up 3 to 4 cents; Omaha, $1.82 to $1.84, up 3 to 4 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $5.55, up 7 cents; Minneapolis, no bids; southern Iowa, $5.46, up 8 to 7 cents; central Illinois processors, $5.64 1/2 to $5.67 1/2, up 6 1/2 cents.

Kansas City Wheat prices Jan. 24, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.39 1/2 to $4.49 1/2, up 5 1/2 cents; 12% protein, $4.41 1/2 to $4.52 1/4, up 5 1/2 to 6 1/2 cents; 13% protein, $4.42 1/2 to $4.53 1/2, up 6 1/2 cents; 14% protein, $4.43 1/4 to $4.53 1/2, up 6 1/2 cents. U.S. No. 2 soft red winter Wheat was $4.04 1/2 to $4.24 1/4, up 5 1/2 cents. U.S. No. 2 white corn was $1.90 to $1.92, unchanged.

Date:1/24/06