Corn, soybeans move up; wheat drifts lower

The corn and soybean bids moved upward as wheat drifted lower after last weeks gains, according to the National Grain Market Summary, July 28.

Corn moved up slightly on hot dry forecast for the coming week, as parts of south central Iowa and northern Missouri received heavy rains. Soybeans moved higher as weather forecast of hot dry conditions moving into the Mid-West.

Wheat closed 7 to 13 cents lower. Corn traded 5 to 6 cents higher. Soybeans closed mostly 4 to 9 cents higher.

In the futures close, Kansas City September wheat was $7.95, down 7 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $7.95, down 7 cents; Minneapolis, $8.66 1/4, down 19 3/4 cents; Portland, $7.90 to $8.20, up 5 cents, unchanged; St. Louis, $5.83, down 13 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.52 to $5.53, up 5 cents; Minneapolis, $5.06, up 5 3/4 cents; southern Iowa, $5.25 to $5.32, up 4 3/4 to 7 3/4 cents; Omaha, $5.35 to $5.42, up 6 to 5 cents.

Terminal soybean bids, U.S. No. 1 yellow, price paid for truck delivery, included: Kansas City, $14.11, up 9 cents; Minneapolis, $13.34 1/4, down 4 1/2 cents; southern Iowa, $13.52 3/4 to $13.54, down 4 to 7 cents; central Illinois processors, $14.06 to $14.26, up 4 1/2 cents to 9 1/2 cents.

Kansas City wheat prices, July 29, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.08 to $8.64, up 0.5 to down 2.5 cents; 12% protein, $8.49 to $8.69, down 2.5 cents; 13% protein, $8.60 to $8.75, up 0.5 cents; 14% protein, $8.78 to $8.93, up 0.5 cents. U.S. No. 2 soft red winter what was $6.35 to $7.40, up 0.5 to 5.5 cents. U.S. No. 2 white corn was $5.71 to $5.81, unchanged.

8/4/08
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Date: 7/29/08

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