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Wheat bids sharply lower
Grain bids were mixed as wheat was sharply lower, while corn rallied on surging energy prices, according to the National Grain Market Summary, Oct. 15. Soybeans were moderately higher. Wheat was sharply lower as funds were noted sellers. The focus it seems for now is the outlook for a massive increase in planted acres of wheat in the U.S., and around the world is limiting upside potential. Corn rallied on surging energy prices and a rally in the gold market with follow through buying from the Oct. 12 market. A rally in crude oil above $86 per barrel lent support to most commodities across the board. Corn is also well supported by wheat/corn price spread and by wet weather across the Midwest slowing harvest. Soybeans moved higher on higher energy prices as funds were noted buyers. The break in the US dollar and strength in other commodity and metal prices markets added to a positive tone. Wheat traded 10 to 25 cents lower. Corn was mostly 10 to 16 cents higher. Soybeans closed 10 to 17 cents higher. Grains inspected for export for week ending Oct. 11: Wheat totaled 34.4 million bushels, up 1.9 million bushels; corn 40.5 million bushels, down 5.2 million bushels; sorghum 6.9 million bushels, down 800 thousand bushels and soybeans 35.7 million bushels, up 16.7 million bushels compared to a week ago. Year to date: Wheat totaled 525.9 million bushels up 204.4 million; corn 254.4 million bushels down 17.7 million; sorghum 42.0 million bushels up 23.9 million and soybeans 106.6 million bushels down 17.2 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. Export news was unavailable. In the futures close, Kansas City December wheat was $8.43, down 24 3/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $8.03, down 25 cents; Minneapolis, $8.30, down 20 cents; Portland, $10 to $10.05, unchanged to down 10 cents; St. Louis, $7.84, down 19 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.37 to $3.39, up 11 cents; Minneapolis, $3.24, up 14 cents; southern Iowa, $3.30 to $3.39, up 16 to 14 cents; Omaha, $3.19 to $3.20, up 11 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $9.25, up 10 cents; Minneapolis, $9.08, up 16 to 14 cents; southern Iowa, $9.11 to $9.20, up 17 1/4 to 11 1/4 cents; central Illinois processors, $9.52 to $9.62, up 10 1/4 cents. Kansas City wheat prices Oct. 16, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.38 to $8.88, down 5 cents; 12% protein, $8.70 to $9.03, down 5 to up 3 cents; 13% protein, $8.88 to $9.08, unchanged; 14% protein, $8.88 to $9.08, unchanged. U.S. No. 2 soft red winter wheat was $7.98 to $8.38, down 5 cents. U.S. No. 2 white corn was $3.75 to $3.79, unchanged. Date: 10/16/07
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