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Outside influences pressure grain bidsThe grain market faced liquidation pressure with outside market influences bearish as crude oil and gold closed lower with the dollar higher, according to the National Grain Market Summary, July 8. Wheat had the strongest showing as it rallied back during the day to close slightly higher as weather seems to be a factor with possible rain delays. Corn was sharply lower as funds were sellers. The G8 Summit Meetings has expressed concerns over cost of food and effects of biofuels have on food inflation. Soybeans closed sharply lower as funds were sellers. Wheat closed 4 to 16 cents higher. Corn traded mostly 21 to 23 cents lower. Soybeans closed mostly 24 to 36 cents lower. In the futures close, Kansas City September wheat was $8.61 1/4, up 1 1/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $8.26, down 4 cents; Minneapolis, $9.15, up 1/4 cent; Portland, $7.60 to $8.03, unchanged to up 18 cents; St. Louis, $5.92, up 16 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $6.75 to $6.78, down 23 cents; Minneapolis, $6.18 1/2, down 23 1/4 cents; southern Iowa, $6.30 1/2 to $6.35 1/2, down 3 1/4 to 22 1/4 cents; Omaha, $6.48 to $6.52, up 2 to down 1 cent. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $15.43, down 31 cents; Minneapolis, $14.89, down 30 cents; southern Iowa, $15 to $15.06, down 12 to 36 cents; central Illinois processors, $15.44 1/2 to $15.69 1/2, down 31 1/2 to 24 1/2 cents. Kansas City wheat prices July 8, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.56 1/4 to $8.96 1/4, up 1 1/4 cents; 12% protein, $8.81 1/4 to $8.96 1/4, up 1 1/4 cents ; 13% protein, $8.86 1/4 to $9.09 1/4, down 3 3/4 cents; 14% protein, $8.96 1/4 to $9.11 1/4, down 3 3/4 cents. U.S. No. 2 soft red winter wheat was $6.71 1/4 to $7.71 1/4, up 1 1/4 to 26 1/4 cents. U.S. No. 2 white corn was $7.39 to $7.49, unchanged. 7/14/08 Date: 7/8/08 Advertisement
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