Moisture pressures Wheat bids
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Grain and soybean bids opened the week of March 20 on a lower tone, and Wheat was pressured by moisture in the hard red winter Wheat region, according to the National Grain Market Summary, March 20.
Heavy rain amounts in the southern plains were reported this weekend, along with snow expected March 20 in northern Kansas and Nebraska. Weekly export inspections for Wheat were below expectations coming in at 14.2 million bushels.
Corn was lower due to spillover pressure from wheat. Supply concerns and moisture across the Midwest improving soil conditions ahead of planting was a bearish force. Weekly export inspections for corn were good coming in at 45 million bushels. Soybeans were slightly lower as neighboring pits pressured the market. Harvest in Brazil is advancing and is near 30 percent complete. Weekly export inspections were reported at 16.9 million bushels as compared to trade estimates 18 to 24 million bushels.
Wheat was 5 to 9 cents lower. Corn was 2 to 4 cents lower. Sorghum was 2 to 6 cents lower. Soybeans were 1 to 4 cents lower.
Grains inspected for export for week ending March 16: Wheat totaled 14.2 million bushels, down 8.8 million bushels; corn 45.0 million bushels, up 8.3 million bushels; sorghum 5.9 million bushels, up 3.1 million and soybeans 16.9 million bushels, down 13.0 million bushels compared to a week ago.
Year to date: Wheat totaled 804.9 million bushels down 38.6 million; corn 1008.2 million bushels up 69.5 million; sorghum 91.1 million bushels up 7.4 million and soybeans 669.4 million bushels down 185.4 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 May Wheat was $4.13 3/4, down 7 3/4 cents.
Terminal Wheat bids, paid for truck delivery, included Kansas City, $4.14, down 8 cent; Minneapolis, $4.09 3/4, down 6 1/2 cents; Portland, not available; St. Louis, $3.32, down 5 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $1.85 to $1.88, down 4 cents; Minneapolis, $1.86 1/4, down 3 1/4 cents; southern Iowa, $1.95 to $2.01, down 3 cents to unchanged; Omaha, was not available.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $5.48, down 4 cents; Minneapolis, $5.31 1/2, down 4 cents; southern Iowa, $5.46 to $5.48, down 1 to 3 cents; central Illinois processors, $5.52 1/2 to $5.62 1/2, down 4 to 2 cents.
Kansas City Wheat prices March 21, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.35 to $4.77, up 3 1/4 to 12 1/4 cents; 12% protein, $4.62 to $4.78, up 9 1/4 to 3 1/4 cents; 13% protein, $4.63 to $4.80, up 3 1/4 cents; 14% protein, $4.73 to $4.88, up 3 1/4 cents. U.S. No. 2 soft red winter Wheat was $4.12 to $4.32, up 3 1/4 cents. U.S. No. 2 white corn was $2.21 to $2.25, unchanged.
Date: 3/23/06
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