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Wheat opens sharply lowerWheat opened sharply lower and closed limit down, according to the National Grain Market Summary, March 31. Quarterly stocks report for wheat was 709.64 million bushels with expectations of near 665 million, as stocks are not as tight as previously expected. Planted acres were 63.8 million as compared to estimates of 63.5 million. Corn opened sharply higher into all time highs, with the March 31 planting intentions report at friendly numbers projected at 86.014 million acres. Corn prices eroded through the day as pressure from sliding crude oil, gold prices and lower wheat and bean prices were negative. Soybeans were limit down for much of the March 31 trade as USDA's planting intentions had soybean acres at 74.79 million acres, which was outside the high end of the range with expectations of 71.5 million acres. Wheat closed mostly 57 to 60 cents lower. Corn traded 6 to 16 cents higher. Soybeans closed 65 to 70 cents lower. Grains inspected for export for week ending March 27: Wheat totaled 16.4 million bushels, down 2.0 million bushels; corn 42.5 million bushels, down 3.6 million bushels; sorghum 2.0 million bushels, down 3.5 million bushels and soybeans 23.8 million bushels, down 5.0 million bushels compared to a week ago. Year to date: Wheat totaled 1040.7 million bushels up 316.9 million; corn 1469.2 million bushels up 223.5 million; sorghum 202.2 million bushels up 114.2 million and soybeans 839.0 million bushels down 20.9 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. In the futures close, Kansas City May wheat was $9.65, down 57 1/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $9.15, down 57 cents; Minneapolis, $12.94, down 60 cents; Portland, was unavailable; St. Louis, $7.37, down 59 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.45, up 6 cents; Minneapolis, $5.22 1/4, up 1 3/4 cents; southern Iowa, $5.14 1/4 to $5.32 1/4, up 6 3/4 to 12 3/4 cents; Omaha, $5.32 to $5.39, up 8 to 9 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $11.27, down 65 cents; Minneapolis, $11.92 1/4, unchanged; southern Iowa, no bids; central Illinois processors, $11.47 1/4 to $11.67 1/4, down 70 cents. Kansas City wheat prices April 1, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $9.85 to $10.55, down 10 to 15 cents; 12% protein, $10.55 to $11.10, down 15 cents; 13% protein, $11.10 to $12.10, down 15 cents; 14% protein, $12.40 to $12.55, down 15 cents. U.S. No. 2 soft red winter wheat was $9.25 to $9.60, down 20 cents. U.S. No. 2 white corn was $5.42 to $5.60, up 19 to 22 cents. 4/7/08 Date: 4/1/08 Advertisement
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