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Grain bids lower, wheat sees sharp lossesGrain and soybeans bids were lower with sharp losses seen in the wheat market, according to the National Grain Market Summary, Feb. 11. Wheat was sharply lower due to long liquidation selling. Minneapolis wheat futures closed up the limit on tight supplies. Corn bids declined due to the lower wheat and talk of favorable weather in Argentina. Soybeans saw spillover pressure from wheat. Wheat was mostly 45 to 56 cents lower except Minneapolis which was 59 cents higher. Corn was mostly 1 to 4 cents lower. Sorghum was 9 to 17 cents lower. Soybeans were 7 to 13 cents lower. Grains inspected for export for week ending Feb. 7: Wheat totaled 17.7 million bushels, up 700 thousand bushels; corn 40.7 million bushels, down 11.2 million bushels; sorghum 6.2 million bushels, down 2.2 million bushels and soybeans 37.8 million bushels, up 8.0 million bushels compared to a week ago. Year to date: Wheat totaled 906.2 million bushels up 312.4 million; corn 1120.7 million bushels up 172.4 million; sorghum 161.8 million bushels up 92.6 million and soybeans 629.4 million bushels down 47.7 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. In the futures close, Kansas City March wheat was $10.83 3/4, down 56 1/2 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $10.44, down 56 cents; Minneapolis, $17.84 1/2, up 59 3/4 cents; Portland was unavailable; St. Louis, $9.65, down 50 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $4.99, down 4 cents; Minneapolis, $4.70 1/2, down 4 1/2 cents; southern Iowa, $4.75 to $4.81 1/2, down 1 to up 1/2 cent; Omaha, $4.69 to $4.82, down 4 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $12.41, down 13 cents; Minneapolis, no bids; southern Iowa, $12.56, down 7 to 8 cents; central Illinois processors, $12.76 to $12.87, down 13 cents. Kansas City wheat prices Feb. 12, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $10.93 1/2 to $12.35 1/2, down 38 1/4 to 63 1/4 cents; 12% protein, $12.45 1/2 to $13.50 1/2, down 63 1/4 cents; 13% protein, $14.40 1/2 to $15.55 1/2, down 38 1/2 cents; 14% protein, $16.40 1/2 to $16.55 1/2, down 38 1/4 cents. U.S. No. 2 soft red winter wheat was $10.55 1/2 to $10.90 1/2, down 38 1/4 cents. U.S. No. 2 white corn was $4.90 to $5, unchanged. 2/18/08 Date: 2/12/08
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