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Most bids end day higher
Grain bids for June 11 moved sharply higher as soybeans ended moderately higher, according to the National Grain Market Summary. Wheat closed sharply higher, near limit up with rain in the forecast for the plains and storms over the weekend added to the potential for crop deterioration. Reports of lower than expected yields also added to the bullish market. Friendly numbers from the U.S. Department of Agriculture report had wheat at 1.61 billion bushels for the 2007-2008 season as compared to 1.64 billion bushels. corn moved sharply higher as dry and hot weather outlook for the eastern corn Belt continues. USDA had ending stocks at 997 million bushels for the 2007-2008 season as compared to 947 million bushels posted in May. Weekly export inspections came in at 27.86 million bushels as compared to trade expectations of 35 to 40 million bushels. soybeans moved higher with other grains as dry weather outlook for the next week and a neutral USDA report helped spark the bean market. USDA reported ending stocks for 2007-2008 season at 54.0 million tons from the record 63.6 million tons this season. Weekly export inspections came in at 10.87 million bushels as compared to trade expectations of 10 to 15 million bushels. Wheat was mostly 21 to 30 cents higher. corn ended 10 to 15 cents higher. soybeans traded 4 to 8 1/2 cents higher. In export news, there were no new confirmed export sales to report. In the futures close, Kansas City July wheat was $5.48 1/2, up 30 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $5.49, up 30 cents; Minneapolis, $5.64, up 24 cents; Portland, $6.05, up 8 cents to unchanged; St. Louis, $4.96, up 21 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.86, up 14 cents; Minneapolis, $3.54, up 10 cents; southern Iowa, $3.74 to $3.79, up 14 to 15 cents; Omaha, $3.92 to $3.94, up 14 to 15 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $7.88, up 8 cents; Minneapolis, $7.48, up 4 1/2 cents; southern Iowa, $7.63 to $7.68, up 5 1/2 to 7 1/2 cents; central Illinois processors, $7.95 to $8.02, up 8 1/2 cents. Kansas City wheat prices June 12, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $6.14 to $6.24, up 4 1/2 cents; 12% protein, $6.16 to $6.28, up 4 1/2 cents; 13% protein, $6.18 to $6.31, up 4 1/2 cents; 14% protein, $6.22 to $6.32, up 4 1/2 cents. U.S. No. 2 soft red winter wheat was $5.74 to $5.84, up 10 1/2 cents. U.S. No. 2 white corn was $4.82 to $4.93, unchanged. C 1 Date: 6/12/07
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